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

Go deeper

Trump announces plan to distribute 150 million rapid coronavirus tests

Photo: Alex Wong/Getty Images

President Trump announced on Monday that the federal government will distribute 150 million rapid, point-of-care coronavirus tests to states over the next few weeks, including to K-12 schools and vulnerable communities like nursing homes and assisted living facilities.

Why it matters: The Trump administration has stressed the importance of reopening schools in allowing parents to return to work and jumpstarting the economy.

Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 33,217,895 — Total deaths: 999,273 — Total recoveries: 22,975,269Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 7,128,774 — Total deaths: 204,881 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: Cuomo extends New York moratorium on evictions until 2021.
  4. Business: Companies are still holding back earnings guidance.
  5. Health: The childless vaccine — Why kids get less severe coronavirus infections.
  6. World: India the second country after U.S. to hit 6 million cases.
52 mins ago - Podcasts

Digging into Trump's taxes

President Trump paid no federal income tax in 10 of the past 15 years, and just $750 in 2016 and 2017, according to a new report from the New York Times. He also is reported to have hundreds of millions of dollars in outstanding debts, most of which would come due during a second term.

Axios Re:Cap focuses on what is and isn't surprising about the revelations, plus how real estate developers are taxed, with Francine McKenna, an independent financial journalist and certified public accountant.