Lachlan Murdoch is set to be the new chief executive officer (CEO) and chairman at Fox following its anticipated $66bn (£49bn) deal with Disney it was announced today. Rupert Murdoch will remain joint chairman.
"We have worked through the winter "standing up" a reimagined independent Fox", Lachlan Murdoch, 46, said in a statement. "The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities", Lachlan Murdoch said.
James Murdoch will leave 21st Century Fox after most of its assets are sold to Disney, handing executive responsibilities to his elder brother Lachlan. 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.
The new Fox would include Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks.
It was not immediately clear what if any role James Murdoch would play at the new Fox, but the Wall Street Journalreported he is likely to start a venture fund investing in digital and global media.
John Nallen, who previously served as chief operating officer of 21st Century Fox, will now serve in the same role at the new company.
Fox is preparing for a future without its film and TV studios, as well as cable channels such as FX and National Geographic. The Wall Street Journal reported this month that James will not take a position with Disney after the Fox acquisition.
"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.
The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out. "I look forward to joining Lachlan as we begin to establish new Fox".
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