Fox News announced plans Wednesday to unveil "a new cutting-edge, centralized newsroom in early 2018" and hire "new journalists and content creators."
“Today we are unveiling the physical transformation of our newsroom and the FOX News offices at our Headquarters in New York," said 21st Century Fox and Fox News Executive Chairman Rupert Murdoch in a statement. "It will be state of the art and open, befitting the most important media outlet in America.
"This is a major investment in the future of FOX News and a sign of my unwavering confidence."
The announcement comes as Fox News faces issues with both its on-air talent and executives, following multiple reports of sexual harassment at the cable network and the exit of several high-profile hosts. Fox fired marquee host Bill O'Reilly in April after reports that he or Fox paid millions to settle sexual harassment allegations, while top executive Bill Shine resigned earlier this month.
The channel is also reportedly under federal investigation for its handling of settlements and the conduct of CEO Roger Ailes, who left Fox in 2016 in the face of his own sexual harassment lawsuit.
Fox News President Suzanne Scott said the investment will keep the network "ahead of the competition."
“When we met with the designers, we relayed the need to create a cohesive space that reflected a modern newsroom in this new era of information," wrote Scott. "We are committed to ensuring the entire team here has all the necessary resources to continue keeping us ahead of the competition as we invest in the future of FOX News.”
Construction begins on July 1 and will be completed early next year.
The re-investment comes after the network was the most-watched network on basic cable in 2016 and is 21st Century Fox's biggest business.
Overall, Fox News accounts for 20 to 25 percent of its parent company's profits.