Lachlan Murdoch to head 'new' Fox after asset sale

Lachlan Murdoch to head 'new' Fox after asset sale

Lachlan Murdoch to head 'new' Fox after asset sale

According to the sources, Lachlan Murdoch will be serving as the new chairman and chief executive officer of "New Fox" which is to be formed after the proposed sale of 21st Century Fox's film and TV assets to Disney with Rupert Murdoch, who is serving as the co-chairman of the new company along with his son. Rupert Murdoch will remain joint chairman.

Rupert Murdoch said Fox will be the only media company exclusively focused on the U.S. market and "on what America loves best-sports, news and entertainment". "The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities", said Lachlan Murdoch.

While Rupert Murdoch has not withdrawn from the companies, he has been gradually turning over more authority to his sons Lachlan and James, who now is CEO at 21st Century Fox.

John Nallen, the company's current chief financial officer, will take a bigger role at New Fox as chief operating officer.

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. The rest of its major Hollywood assets are in line to be sold to Disney in a $52.4 billion all-stock deal.

The younger son, who now serves as chairman of Fox as well as the UK's Sky, had been expected to take up a senior position at Disney. The 46-year-old previously served as co-chairman and held various roles within his father's empire, including chairman of Fox TV stations and publisher of the New York Post. But the Wall Street Journal reported last week that James would not join Disney, and instead would likely start a venture capital fund.

"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.

Its brands will include Fox News, Fox Business and Fox Sports.

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