Economy

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

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

Twenty-First Century Fox (FOX +0.4%, FOXA +0.2%) has set its leadership for "New Fox" - the company that will remain if and when Disney (DIS +1%) completes its deal to acquire the company's media assets.

Until now, Rupert and Lachlan Murdoch have shared the titled of executive chairman at Fox.

"We have worked through the winter "standing up" a reimagined independent Fox", Lachlan Murdoch said in a statement.

"The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities".

James Murdoch, Lachlan's 45-year-old brother, now helms Fox. Fox Entertainment Group chairmen and CEOs Dana Walden and Gary Newman are in advanced negotiations for a one-year contract extension to steer the division until the sale is finalized, sources say. Fox's film and entertainment franchises, which include "The Simpsons", "X-Men" and "Avatar", will be owned by Disney.

John Nallen, the current company's CFO, will become COO of new Fox.

Rupert Murdoch will serve as co-chairman of the new Fox, alongside Lachlan.

It has been reported that he is likely to leave the new company after the deal with Disney goes through.

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.

Further complicating matters United States media company Comcast launched its own £22bn for Sky in April, which caused Sky to withdraw its recommendation to its shareholders to accept the previous Fox offer.

"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. As expected, the new-model Fox Broadcasting Co. will emphasize live sports and events. But that began to change after Lachlan rejoined the business almost a decade later.



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