Friday, 19 October, 2018

Lachlan Murdoch set to become chairman and CEO of 'New Fox'

New Fox to be turned over to new management after selling most of its assets to Disney Lachlan Murdoch in line for chief executive job at Fox after Disney deal
Ginger Lawrence | 17 May, 2018, 03:51

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.

Lachlan's brother James - now Fox's chief executive officer - wasn't mentioned in Wednesday's statement.

James Murdoch, Lachlan's 45-year-old brother, now helms Fox.

Rupert Murdoch said Fox will be the only media company exclusively focused on the United States market and "on what America loves best-sports, news and entertainment".

Media baron Rupert Murdoch will act as co-chairman at the new company while John Nallen, 21st Century Fox's chief financial officer, will take the role of Fox's chief operating officer.

Disney would acquire Fox's film and television studios, its FX and National Geographic cable networks, Fox's regional sports networks, its stakes Hulu and in United Kingdom pay TV provider Sky, as well as Star India.

However, the announcement does bno acknowledge the Comcast's interest in making an unsolicited bid for Fox.

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The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out. Rupert Murdoch will remain joint chairman.

There was no mention of him in either his brother or father's comments on the new leadership structure on Wednesday.

After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James.

Sky chairman James, 45, will not be involved in running a much smaller US-only company focused on news and sport. But that began to change after Lachlan rejoined the business almost a decade later.

He denounced President Donald Trump's reaction to the race-related violence in Charlottesville, Virginia, last August. Some of Fox News' most-watched shows are also pro-Trump.

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.