Lachlan Murdoch, son of media mogul Rupert Murdoch, is set to serve as chairman and chief executive of the ‘New Fox,’ which includes 21st Century Fox assets that the Walt Disney Co. is not buying in its pending $52bn acquisition of the company.
John Nallen, 21st Century Fox chief financial officer, will become chief operating officer of the ‘New Fox.’ Rupert Murdoch will serve as co-chairman of the new entity, which includes Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.
This means Lachlan’s brother James Murdoch, chief executive of 21st Century Fox, will not take on a new role. He is expected to leave the company.
"We have worked through the winter 'standing up' a reimagined independent Fox,” said Lachlan Murdoch in a statement. “The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities. I am also personally very pleased that John has agreed to take on the role of chief operating officer, and together we look forward to making further announcements as to the management and structure of this new Fox as we get closer to closing our proposed transaction with Disney.”
Rupert Murdoch added: “The new Fox will begin as the only media company solely focused on the domestic market; focused on what Americans love best – sports, news and entertainment, built and delivered for a US audience.”
Lachlan Murdoch has served as executive chairman of 21st Century Fox since 2015.