Lachlan Murdoch will take on the role of chairman and chief executive officer of the “new Fox” — the slimmed-down media company that will be created following the approval of the Walt Disney Co.’s acquisition of the majority of 21st Century Fox assets.
His father, Rupert Murdoch, will assume the title of co-chairman of the company, while John Nallen, currently 21st Century Fox’s chief financial officer, will take a bigger role as chief operating officer.
Missing from Fox’s announcement Wednesday was any mention of Lachlan’s brother, James, who has worked alongside him for years at their father’s media empire. It remains unclear if James Murdoch will have any role in the new company, though a recent Wall Street Journal report speculated he will pursue his own ventures.
The new Fox will consist of the Fox News Channel, which is the top-rated cable news channel in the country, as well as the Fox Business Network and the Fox Broadcasting Co. It will also focus on sports, with such properties as Fox Sports and the cable networks FS1, FS2, Fox Deportes and Big Ten Network.
The Burbank-based Disney is expected to acquire the majority of 21st Century Fox assets, including the 20th Century Fox movie and TV studios, the cable channels FX and National Geographic, as well as other properties. The $52.4-billion deal was announced late last year, but hasn’t formally closed.
However, Comcast is widely expected to launch its own rival bid for Fox assets this summer, which could jeopardize the Disney agreement.