According to the sources, Lachlan Murdoch will be serving as the new chairman and chief executive officer of “New Fox” which is to be formed after the proposed sale of 21st Century Fox’s film and TV assets to Disney with Rupert Murdoch, who is serving as the co-chairman of the new company along with his son.
The current chief financial officer of Fox, John Nallen, will be assuming a broader role as the chief operator officer.
As per the sources, the CEO of Fox, James Murdoch, is not mentioned as part of New Fox’s leadership but is expected to leave Fox to do his own thing. Fox Entertainment Group chairmen and CEOs Dana Walden and Gary Newman are in advanced negotiations for a one-year contract extension to steer the division until the sale is finalized.
Disney would acquire Fox’s film and television studios, its FX and National Geographic cable networks, Fox’s regional sports networks, its stakes Hulu and in UK pay TV provider Sky, as well as Star India.
That leaves the newly formed Fox with Fox News Channel; Fox Business Network; Fox Broadcasting Company; Fox Sports; Fox Television Stations Group; and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.
“The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities,” said Lachlan Murdoch, who has served as executive chairman of Fox since 2015. “I am also personally very pleased that John has agreed to take on the role of Chief Operating Officer, and together we look forward to making further announcements as to the management and structure of this new Fox as we get closer to closing our proposed transaction with Disney.”
However, the announcement does bno acknowledge the Comcast’s interest in making an unsolicited bid for Fox.
The cable giant has been talking with investment banks about obtaining financing to make an all-cash offer. It’s waiting for a federal judge to issue a ruling in the Justice Department’s antitrust case against the AT&T-Time Warner merger before making a move.