Lachlan Murdoch to head ‘new’ Fox
Lachlan Murdoch announced as Chairman and CEO of ‘new’ Fox. The shift in leadership will only begin after the proposed transaction of Fox assets to the Walt Disney Co. Till then it is uncertain what the name of the new property will be.
John Nallen, currently CFO of 21st Century Fox, will ascend to the position of Chief Operation Officer of the restructured ‘new’ Fox with broader responsibilities.
Since 2015, Lachlan Murdoch has worked as Executive Chairman in the old Fox, where he worked closely with the organisation’s senior management and Board of Directors to shape their global strategies and corporate vision.
“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities,” said Lachlan Murdoch. “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.”
Rupert Murdoch said, “The new Fox will begin as the only media company solely focused on the domestic market; focused on what Americans love best – sports, news and entertainment-, built and delivered for a US audience.”
The new Fox will retain its television asset including 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 announcement was expected since news about the Disney deal came forth in December.