Published: Wed, May 16, 2018
Business | By Tara Barton

Rupert Murdoch's son Lachlan to become Fox CEO after Disney deal

Rupert Murdoch's son Lachlan to become Fox CEO after Disney deal

James Murdoch has been serving as the CEO of 21st Century Fox, while his brother and father have been serving as co-executive chairman. "The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities", Lachlan Murdoch said.

The formal annointment of Lachlan Murdoch comes as younger brother James Murdoch, 45, is reported to be looking at starting a venture capital fund to invest in digital and global media businesses once the $52.4bn Fox-Disney deal is completed. John Nallen, now Fox's chief financial officer, will take on the expanded role of chief operating officer. It's not clear whether he will take a post at Disney.

It has been reported that he is likely to leave the new company after the deal with Disney goes through. But Iger went on to extend his contract through 2021. They are all assets the company said it would keep after striking a $52 billion-deal late past year with Disney for its major TV and film divisions, which include cable channels FX and National Geographic.

The new Fox company will be without 21st Century Fox's film and television studios, entertainment cable channels, a stake in streaming service Hulu and regional sports networks.

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The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets. That would undoubtedly delay, if not derail, the Disney sale process and the formation of New Fox.

"The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a USA audience", said Rupert Murdoch, 87, on Wednesday.

21st Century Fox gave the first glimpse of its plans for the Fox network in the New Fox era on Monday when it presented its programming schedule to advertisers in NY.

The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out. But that began to change after Lachlan rejoined the business almost a decade later.

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