Lachlan Murdoch to be 'New Fox' CEO

May 17, 2018, 01:01
Lachlan Murdoch to be 'New Fox' CEO

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.

John Nallen, now Fox's chief financial officer, will take on the expanded role of chief operating officer, 21st Century Fox said in an emailed statement.

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Comcast, the largest U.S. cable channel, is said to be preparing financing for a potential counterbid for the Fox operations.

The appointments of Lachlan Murdoch and Nallen had been expected, as was the fact that there is no role for current 21st Century Fox CEO James Murdoch in the new company.

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Lachlan Murdoch (left) will become the chairman and CEO of the reimagined Fox, replacing his brother James (right) who is leaving to pursue other opportunities. They are all assets the company said it would keep after striking a $52 billion-deal late past year with Disney for its major TV and film divisions, which include cable channels FX and National Geographic.

Nallen has been at his current post since as Senior Executive Vice President and Chief Financial Officer for 21st Century Fox since 2013 and oversees all of the company's financial aspects, including capital market and merger and acquisition transactions.

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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. Sources told CNNMoney last week that Comcast is in talks to make its own, higher bid for the business that Disney wants to buy. As expected, the new-model Fox Broadcasting Co. will emphasize live sports and events. Wednesday's news formalized a power structure that many had come to expect. And media observers have long debated which of his sons would ultimately inherit their father's company. "I look forward to joining Lachlan as we begin to establish new Fox". That would undoubtedly delay, if not derail, the Disney sale process and the formation of New Fox. This was notable because his father speaks with Trump often. While that latter portion of 21st Century Fox would end up as part of the Walt Disney Company should the deal be approved; the former asset is, as we said before, part of that list of "new" Fox properties.