Lachlan Murdoch to be Chairman/CEO at 'New Fox'

Lachlan Murdoch to be Chairman/CEO at 'New Fox'

Rupert Murdoch, 87, added: "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".

The current chief financial officer of Fox, John Nallen, will be assuming a broader role as the chief operator officer.

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.

It was not immediately clear what if any role James Murdoch would play at the new Fox, but the Wall Street Journal reported he is likely to start a venture fund investing in digital and worldwide media. He's expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments. But Iger went on to extend his contract through 2021.

The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said.

The plan announced past year, which remains subject to regulatory approval, would give Disney the vaunted Fox Hollywood film and television studios, cable entertainment networks and worldwide TV businesses. But the Wall Street Journal reported last week that James would not join Disney, and instead would likely start a venture capital fund.

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. That would undoubtedly delay, if not derail, the Disney sale process and the formation of New Fox.

"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 US audience", said Rupert Murdoch.

21st Century Fox gave the first glimpse of its plans for the Fox network in the New Fox era on Monday when it presented its programming schedule to advertisers in NY.

Its brands will include Fox News, Fox Business and Fox Sports. "I look forward to joining Lachlan as we begin to establish new Fox".

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