Lachlan Murdoch Succeeds Brother at Fox

Daniel Fowler
May 16, 2018

Lachlan Murdoch, a son of 21st Century Fox Executive Chairman Rupert Murdoch, has been named chairman and CEO of New Fox, which will launch after 21st Century Fox sells a considerable amount of its TV and entertainment holdings to Walt Disney Co.

The elder Murdoch will serve as co-chairman. 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.

"We have worked through the winter "standing up" a reimagined independent Fox".

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 worldwide media businesses once the $52.4bn Fox-Disney deal is completed.

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

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Disney would also get Fox's stake in Hulu, which is a joint venture between Disney, 21st Century Fox and Comcast, the parent company of NBC.

The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said. But reigning Disney CEO Bob Iger has conspicuously failed to offer specifics of any potential role.

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". Fox is now trying to sell off $52 billion of TV and entertainment assets, and once the deal is finalized, the resulting company will be lead by Rupert Murdoch and his son. Sources told CNNMoney last week that Comcast is in talks to make its own, higher bid for the business that Disney wants to buy.

Its brands will include Fox News, Fox Business and Fox Sports. The Wall Street Journal reported this month that James will not take a position with Disney after the Fox acquisition. "I look forward to joining Lachlan as we begin to establish new Fox".

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