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Paul Ryan to join board of directors for newly formed Fox Corp.

In this image, Paul Ryan leans against a reflective white wall while wearing a suit and red tie.
Photo: Mark Wilson/Getty Images

Fox Corp., formed from the leftovers of Disney's acquisition of 21st Century Fox, added former House Speaker Paul Ryan to its board of directors on Tuesday, per Variety. Fox Corporation was established as a stand alone company Tuesday. The close of the 21st Century Fox and Disney transaction will happen on Wednesday.

Our thought bubble, Per CNN, Paul Ryan and Rupert Murdoch "have been friendly for many years," with Murdoch naming Ryan as a 2014 presidential candidate that he had "particular admiration for."

The big picture: Disney is set to acquire 21st Century Fox just after midnight on Wednesday. Everything that Disney isn't taking — like Fox Sports and Fox News — will be allocated into Fox Corp, led by Rupert Murdoch's son, Lachlan, who formerly served as the executive chairman of 21st Century Fox.

  • The new company is different from most of the entertainment assets that Murdoch sold to Disney for $71 billion, which largely include content that can be viewed on-demand and whose revenue is largely international.

Go deeper: Fox News' close ties to the president have put the network on the brink