Lachlan Murdoch ascends as CEO and chairman of new Fox company
16 May, 2018, 22:45
The maker of Family Guy and The Simpsons confirmed the operations of the "New Fox" due to be formed by the sale of its film and television studios, and a clutch of worldwide assets including Sky, will be led by 46-year-old Lachlan. His son James, who was not mentioned in the press release, is expected to leave the company.
John Nallen, who now serves as chief financial officer of 21st Century Fox, will move into the role of chief operating officer of New Fox, while Rupert Murdoch will serve as co-chairman of the new company.
The current chief financial officer of Fox, John Nallen, will be assuming a broader role as the chief operator officer.
The new Fox will include Fox News Channel, Fox Business Network, Fox Broadcasting Co., Fox Sports, Fox Television Group and cable sports channels. 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.
Prior to the Disney bid Fox had made an approach to acquire the 59 per cent of Sky it did not already own, however that deal has been repeatedly held up by United Kingdom regulators over fears it would undermine media plurality. Time Warner, CNN's parent company, also owns a 10% stake.
The new Fox, which depends on approval from regulators and shareholders, will mostly be focused on United States news and sport broadcasting.
However, the announcement does bno acknowledge the Comcast's interest in making an unsolicited bid for Fox.
Its brands will include Fox News, Fox Business and Fox Sports. Wednesday's news formalized a power structure that many had come to expect. Rupert Murdoch will be co-chairman of New Fox. And media observers have long debated which of his sons would ultimately inherit their father's company.
However, James Murdoch will not walk away empty-handed. "I look forward to joining Lachlan as we begin to establish new Fox".
He denounced President Donald Trump's reaction to the race-related violence in Charlottesville, Virginia, last August.
The position of current 21st Century Fox CEO James Murdoch, younger brother of Lachlan Murdoch, is unclear.
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