Lachlan Murdoch set to become chairman and CEO of 'New Fox'
Lachlan Murdoch set to become chairman and CEO of 'New Fox'
Monica Schipper Getty Images
17 May, 2018, 01:32
The shift in leadership comes after last December's announcement that the Walt Disney Company plans to acquire many 21st Century Fox assets in a $52.4 billion deal, which is now pending approval - though rival media giant Comcast has threatened to derail the merger.
The elder Murdoch will serve as co-chairman.
"The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a US audience", Rupert Murdoch said.
This means Lachlan's brother James Murdoch, chief executive of 21st Century Fox, will not take on a new role. Wednesday's announcement also fails to address questions about the fate of myriad other executives including current 21st Century Fox co-president Peter Rice and Fox Television Group chairs Dana Walden and Gary Newman.
Disney has agreed to pay $52.4 billion for the Fox film and TV studio, FX Networks, National Geographic Partners, the regional sports networks and Star India.
Another drama playing out has 21st Century Fox trying to acquire the 61 percent of Sky it doesn't already own, though European regulators have been dragging their collective feet deciding on the appropriateness of that deal. It expects to ask shareholders for approval of the transaction this summer. Sources told CNNMoney last week that Comcast is in talks to make its own, higher bid for the business that Disney wants to buy. 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". The Wall Street Journal reported this month that James will not take a position with Disney after the Fox acquisition. This was notable because his father speaks with Trump often.
"New" Fox has named its senior leadership team. He's expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments.
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