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.[28] 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.[29] 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.[30]