That October, News Corporation—which had purchased a 50% interest in 20th Century Fox corporate parent TCF Holdings for $250 million in March 1985—announced its intentions to create a fourth television network that would use the resources of 20th Century Fox Television to both produce and distribute programming, intending to compete with ABC, CBS and NBC. The company formally announced the launch of the new network, the Fox Broadcasting Company, on May 7, 1986, with the former Metromedia stations serving as its nuclei. The purchase of the Metromedia stations was approved by the FCC and finalized on March 6, 1986, with News Corporation creating a new broadcasting unit, the Fox Television Stations, to oversee the six television stations in April 1986.