Sunday, October 21, 2018
Business

Lachlan Murdoch in line for top job at Fox after Disney deal

Lachlan Murdoch is set to be the new chief executive officer (CEO) and chairman at Fox following its anticipated $66bn (£49bn) deal with Disney it was announced today.

Media baron Rupert Murdoch will act as co-chairman at the new company while John Nallen, 21st Century Foxs chief financial officer, will take the role of Foxs chief operating officer.

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The position of current 21st Century Fox CEO James Murdoch, younger brother of Lachlan Murdoch, is unclear.

It has been reported that he is likely to leave the new company after the deal with Disney goes through.

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.

Read more: Government primed for Fox Sky decision after watchdog delivers verdict

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 UK regulators over fears it would undermine media plurality.

Further complicating matters US media company Comcast launched its own £22bn for Sky in April, which caused Sky to withdraw its recommendation to its shareholders to accept the previous Fox offer.

The new Fox, which depends on approval from regulators and shareholders, will mostly be focused on US news and sport broadcasting.

Read more: Taking the Mickey: Have regulators just forced Disney to underwrite Sky?

“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.

Its brands will include Fox News, Fox Business and Fox Sports.

It will own broadcasting rights to the National Football League (NFL), Major League Baseball, the football world cup and motor sport brand Nascar.

“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,” said Rupert Murdoch.

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