Gary Newman, Dana Walden Gary Newman, Dana Walden

Fox Broadcasting Company and 20th Century Fox Television will be combined into the new business unit Fox Television Group, under the leadership of Gary Newman and Dana Walden, the network announced Monday. The two groups will continue to operate independently, but will have shared financial and creative goals, according to a statement from Fox.

The announcement comes in the wake of the departure of former Fox Entertainment headKevin Reilly, who announced in May that he was leaving the company.

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Newman and Walden have led 20th Century Fox Television for the past 15 years and will step into their newly expanded roles later this month. Under their leadership, 20th Century Fox Television has produced such hits as Modern FamilyHomelandGlee and Sleepy Hollow.

"The time is right to unite these divisions," Newman and Walden said in a joint statement. "Television has never been more creatively vibrant and the business has never been more dynamic. Our goal is to make FBC the number one destination for creators with big visions and bold ideas, because our guiding principle has always been 'talent first.' We are humbled by the challenges and exhilarated by the opportunities ahead. It's an exciting time."

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