Lachlan Murdoch to be Chairman/CEO at 'New Fox'

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John Nallen, the current company's CFO, will become COO of new Fox.

The company remaining after selling the media assets will contain Fox News, Fox Business, Fox Broadcasting, Fox Sports, the TV stations group and cable sports networks including FS1, FS2, Fox Deportes and Big Ten Network.

Rupert Murdoch said Fox will be the only media company exclusively focused on the USA market and "on what America loves best-sports, news and entertainment".

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. Fox is now trying to sell off $52 billion of TV and entertainment assets, and once the deal is finalized, the resulting company will be lead by Rupert Murdoch and his son.

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The Disney purchase is still pending approval from shareholders and regulators, and recent news has cast the fate of the Fox assets in doubt.

Its brands will include Fox News, Fox Business and Fox Sports. I also like to think, and again I don't know anything, I'm not an executive over there, but I like to think that the acquisition of Fox, by whether be it Comcast, Disney, or Myspace for fuck's sakes, I like to think that whoever buys Fox is buying it to keep intact, and to allow it to be its own entity. Wednesday's news formalized a power structure that many had come to expect.

However, James Murdoch will not walk away empty-handed. But that began to change after Lachlan rejoined the business almost a decade later. This was notable because his father speaks with Trump often.

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 global media businesses once the $52.4bn Fox-Disney deal is completed. But the Wall Street Journal reported last week that James would not join Disney, and instead would likely start a venture capital fund.