Lachlan Murdoch set to become chairman and CEO of 'New Fox'

Lachlan Murdoch set to become chairman and CEO of 'New Fox'

Lachlan Murdoch set to become chairman and CEO of 'New Fox'

Twenty First Century Fox's James Murdoch will be succeeded by his brother Lachlan as chief executive officer once the company's TV and film assets are acquired by Walt Disney Co, Fox said on Wednesday.

John Nallen, 21st Century Fox chief financial officer, will become chief operating officer of the 'New Fox.' Rupert Murdoch will serve as co-chairman of the new entity, which includes 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.

"We have worked through the winter "standing up" a reimagined independent Fox", said Lachlan Murdoch.

James Murdoch has been serving as the CEO of 21st Century Fox, while his brother and father have been serving as co-executive chairman.

The widely expected move comes as Fox tries to complete the Disney deal, which involves selling about $US52 billion ($65 billion) of entertainment assets.

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. Time Warner, CNN's parent company, also owns a 10% stake.

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The next phase is expected to take place in the summer when shareholders will be asked for their approval of the sell-off.

Its brands will include Fox News, Fox Business and Fox Sports. And media observers have long debated which of his sons would ultimately inherit their father's company. But that began to change after Lachlan rejoined the business almost a decade later.

"New" Fox has named its senior leadership team.

He denounced President Donald Trump's reaction to the race-related violence in Charlottesville, Virginia, last August. Some of Fox News' most-watched shows are also pro-Trump.

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.

The Wall Street Journal, owned by the Murdoch publishing company News Corp, has reported that he intends to set up a venture capital fund to invest in media and technology start-ups.

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