A year later, 20th Century Fox earned $5.6 million in its fiscal third period ended May 31, 1986, in contrast to a loss of $55.8 million in the third period of the previous year. In July 1985, 20th Century Fox announced Murdoch had completed his purchase of 50% of Fox Filmed Entertainment, the parent company of 20th Century Fox Film Corporation. In May 1985, Australian publisher Rupert Murdoch announced that he and American industrialist and philanthropist Marvin Davis intended to develop "a network of independent stations as a fourth marketing force" to compete directly with CBS, NBC, and ABC through the purchase of six television stations owned by Metromedia.
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