Markets

Lachlan Murdoch Succeeds Brother at Fox

Lachlan Murdoch Succeeds Brother at Fox

21st Century Fox's Lachlan Murdoch, the eldest son of media magnate Rupert Murdoch, plans to take the helm of the remaining business after its proposed deal to sell sold most of the media empire's entertainment assets to Walt Disney Co. John Nallen, now Fox's chief financial officer, will take on the expanded role of chief operating officer.

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 buyout does include Fox television channels including FX and Nat Geo, among others.

Comcast, the largest United States cable channel, is said to be preparing financing for a potential counterbid for the Fox operations. "The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities", Lachlan Murdoch said.

Sky chairman James, 45, will not be involved in running a much smaller US-only company focused on news and sport.




Lachlan and his father Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer. 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.

The Fox Television Group is headed by chairman and co-CEOs Dana Walden and Gary Newman, who run both the Fox broadcast network and its television studio together. Speculation about James at the time of the deal centered on a possible role at Disney, where CEO Bob Iger's contract had been slated to end in 2019, and an heir apparent was not in place.

Further complicating matters U.S. 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.

"New" Fox has named its senior leadership team.

"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", Nallen added.