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Corrected: Rupert Murdoch's son Lachlan to become Fox CEO after Disney deal
17 May 2018, 02:28 | Kelvin Horton
Getty Images Suzanne Scott
21st Century Fox'sLachlan Murdoch, the eldest son of media magnate Rupert Murdoch, plans to take the helm of the remaining business after its proposed deal to sell sold most of the media empire's entertainment assets to Walt Disney Co. John Nallen, now Fox's chief financial officer, will take on the expanded role of chief operating officer, 21st Century Fox said in an emailed statement.
Lachlan Murdoch will replace his brother James as the CEO and chairman of Fox if its $52.4billion deal with Walt Disney Inc goes through. It looks to focus on Fox News, cable sports networks and local TV.
Lachlan said: "We have worked through the winter 'standing up" a reimagined independent Fox.
Nallen has been at his current post since as Senior Executive Vice President and Chief Financial Officer for 21st Century Fox since 2013 and oversees all of the company's financial aspects, including capital market and merger and acquisition transactions.
'The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities.
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.
The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets. That would undoubtedly delay, if not derail, the Disney sale process and the formation of New Fox.
"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 US audience", said Rupert Murdoch, 87, on Wednesday.
"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", said Nallen.
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