21st Century Fox was split into two parts, one large part being sold to Disney which includes most of 21CF's assets and the smaller offshoot still under Rupert Murdoch's control, mostly containing Fox's network television stations and the Fox News Channel. In the SEC (Securities Exchange Commission) filing of the creation of Fox Corporation from the 21CF split, it mentions the following:
A five-year nonexclusive, royalty-free license outside of the U.S. for the use of the “FOX” trademark by RemainCo international channels and networks in a manner consistent with current usage.
"RemainCo" refers to the remaining 21st Century Fox assets that will remain and be sold to Disney (Old FOX), as the FOX assets that don't belong to Disney were transferred to Fox Corporation (a new Company), with Fox Corporation still owning the FOX trademark. In a way, this was history repeating itself, as a similar arrangement was made when Fox Kids was sold to Disney, where Disney was granted permission to use the Fox Kids name internationally, however in the Fox Kids acquisition, there's no mentioned time limit. This agreement allows Disney to continue using the FOX brand name on its international channels (ran by Fox Networks Group) for up to five years.
Disney was granted a period of five years to think of a plan for its international FOX branded channels, on 22nd February 2021, the Fox channels in Latin America were rebranded as "Star", this shows that Disney still has a long-term strategy for some international versions of FOX. In the UK and the rest of Europe, the Star branded channels (which focus on the South Asian community and originated from the Star pay-TV service in Asia) were rebranded as Utsav (meaning Festival or Celebration in Hindi), this freed up the Star brand name for the use of the general entertainment section on international versions of Disney+ (which also includes some U.S. Hulu originals). It's likely that in some parts of the world where streaming is popular and there is decent broadband infrastructure, international versions of FOX could close in several countries without it being rebranded as Star, with Star on Disney+ being its replacement.