Paul Ryan joins board of Fox Corporation

Former House Speaker Paul Ryan (R-Wis.) will join the board of Fox Corporation, a new standalone entity that houses Fox News Channel and the Fox broadcast network, according to Variety.

Ryan will join Fox Corp. chairman and CEO Lachlan Murdoch, his father and Fox Corp. founder Rupert Murdoch, and former Ford CEO Jacques Nasser on the board.

Formula 1 Chairman and CEO Chase Carey, Aragon Global Holdings founder Anne Dias and Hernandez Media Ventures CEO Roland Hernandez are also set to join the board.{mosads}

The new entity emerged Tuesday following the full separation of Fox Corporation from 21st Century Fox, which was acquired by Disney. Tuesday marks the first day 21st Century Fox and Fox are standalone, publicly traded companies, 21st Century Fox said in a statement to Variety.

“We are thrilled to welcome our new colleagues to the Fox board,” Lachlan Murdoch said in a statement. “We look forward to working with and being guided by them as we begin a new chapter, steadfastly committed to providing the best in news, sports and entertainment programming.”

Without its entertainment properties, the new entity will rely heavily on Fox News for revenue, Variety noted. About 86 percent of the company’s earnings will derive from cable programming, 90 percent of which will come from Fox News.