Lachlan Murdoch will be chairman and CEO of New Fox, the new company founded after 21st Century Fox sells most of its television and entertainment assets to Walt Disney Co.
John Nallen, currently CFO of 21st Century Fox, will serve as Chief Operating Officer of New Fox. Rupert Murdoch will co-chair New Fox.
"We've been through the winter and become a completely new independent Fox, and the strengths of the new company, which leads the news, sports and entertainment industry, offer truly unique opportunities," said Lachlan Murdoch. "I am personally very pleased that John has agreed to take on the role of Chief Operating Officer, and we look forward to further announcements regarding the management and structure of this new Fox as we move closer to our proposed transaction . "
The appointments of Lachlan Murdoch and Nallen had been anticipated, as well as the fact that current 21
Lachlan served as Executive Chairman of 21st Century Fox since the beginning of 2015, when he and his younger brother James were appointed as Chairman and CEO of their father's film and television empire.
The New Fox revolves around him on TV assets including the Fox Broadcasting Co. network and its television channel group, as well as the Fox News and Fox Sports operations. The remainder of its large Hollywood assets are to be sold as part of a total package of $ 52.4 billion to Disney. However, Comcast has announced that it is seriously considering obtaining a competing bid for the 21st Century Fox assets. That would undoubtedly delay, if not derail, the Disney sales process and the founding of New Fox.
"The new Fox will be the only media company focused solely on the single market, focused on what Americans love most – sports, news and entertainment, built and delivered to a US audience," said Rupert Murdoch.
21st Century Fox gave a first glimpse of its plans for the Fox network in the New Fox era on Monday when it introduced advertisers to New York's advertising planners. As expected, the new model Fox Broadcasting Co. will focus on live sports and events.
"The opportunity to redesign a business strategy and an operational approach tailored to the new Fox is truly compelling," said Nallen. "I'm looking forward to joining Lachlan when we start setting up a new Fox."
(Pictured: Lachlan Murdoch)