Leadership team for "New Fox" revealed by Fox

16 May, 2018, 21:41 | Author: Regina Silva
  • Leadership team for

The formal annointment of Lachlan Murdoch comes as younger brother James Murdoch, 45, is reported to be looking at starting a venture capital fund to invest in digital and worldwide media businesses once the $52.4bn Fox-Disney deal is completed.

"We have worked through the winter "standing up" a reimagined independent Fox".

Rupert Murdoch, 87, added: "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 USA audience".

Lachlan and his father Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer. 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, sources say.

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The deal with Disney, which was announced in December, will see Disney acquire assets such as European satellite TV company Sky, the Twentieth Century Fox film and TV studios, cable network FX, Indian satellite group Star India and a stake in streaming service Hulu. The rest of its major Hollywood assets are in line to be sold to Disney in a $52.4 billion all-stock deal.

Some earlier reports said James Murdoch might move to Disney following the deal. But the Wall Street Journal reported last week that James would not join Disney, and instead would likely start a venture capital fund.

"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 U.S. audience", said Rupert Murdoch. As expected, the new-model Fox Broadcasting Co. will emphasize live sports and events.

In 2013, Fox was separated from Murdoch's News Corp., which retained newspaper operations in the US, Britain and Australia.

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