Lachlan Murdoch Succeeds Brother at Fox

Lachlan Murdoch

Media baron Rupert Murdoch will act as co-chairman at the new company while John Nallen, 21st Century Fox's chief financial officer, will take the role of Fox's chief operating officer.

Rupert Murdoch said Fox will be the only media company exclusively focused on the United States market and "on what America loves best-sports, news and entertainment". "The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities", Lachlan Murdoch said.

Fox CEO James Murdoch isn't mentioned as part New Fox's leadership but is widely expected to leave Fox to do his own thing. The announcement doesn't say anything about what will happen to current Fox CEO James Murdoch, but Bloomberg reports that he is preparing to focus on his own endeavors in technology investments. According to CNBC, Comcast was willing to offer $60B in cash to 21st Century Fox in hopes of acquiring the company and most of its media assets.

Prior to the Disney bid Fox had made an approach to acquire the 59 per cent of Sky it did not already own, however that deal has been repeatedly held up by United Kingdom regulators over fears it would undermine media plurality. 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.

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Fox agreed a year ago to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal. The Wall Street Journal reported this month that James will not take a position with Disney after the Fox acquisition. That would undoubtedly delay, if not derail, the Disney sale process and the formation of New Fox.

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.

John Nallen, the current company's CFO, will become COO of new Fox.

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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