Fox Television Stations was formed in April 1986 after the acquisition of the Metromedia-owned independent stations by the 20th Century Fox film studio, at the time jointly owned by Australian media mogul Rupert Murdoch's News Corporation, and Denver-based billionaire Marvin Davis. These stations would later become the basis of the Fox television network, which launched in October 1986. Not long after the Metromedia deal was made, Murdoch purchased Davis's shares and News Corporation assumed complete control of 20th Century Fox.