ibusinesslines.com
ibusinesslines.com May 21, 2018


Corrected: Rupert Murdoch's son Lachlan to become Fox CEO after Disney deal

17 May 2018, 02:28 | Kelvin Horton

Lachlan Murdoch in line for chief executive job at Fox after Disney deal

Leadership team for “New Fox” revealed by Fox

21st Century Fox's Lachlan 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.

Fox CEO James Murdoch isn't mentioned as part New Fox's leadership but is widely expected to leave Fox to do his own thing.


'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.



Other News

Trending Now

Dixon High School Shooting in IL
A Dixon High School student was shot after bringing a gun to the school Wednesday morning, according to a report. The press conference was streamed on Facebook by WQAD-TV. "All staff and students are safe, no injuries".

Pope Francis condemns Gaza killings, says Mideast needs justice, peace
This is our Christian vocation, Pope Francis continued, to walk as sons and daughters of the light, persevering in faith. The Pope held the first meeting with the Bishops on Tuesday afternoon in the auletta of the Paul VI Hall.

South Africa's Sundowns lose 3-1 to Barcelona in friendly
The high-profile worldwide club friendly between Mamelodi Sundowns and Spanish powerhouses FC Barcelona is scheduled for tonight. Without him, the Blaugrana lost away to Levante, a result which ended their unbeaten run in La Liga .

Rapper TI Arrested After Altercation, Claims He Was 'Wrongfully Arrested'
The statement continued, "Tip was in contact with "Tiny" by phone and "Tiny" confirmed that Tip should be let in immediately". T.I. was booked into the Henry County Jail for simple assault , disorderly conduct and public drunkenness, records indicated.

Flood watch in effect; here's how much rain we could get
After storms earlier in the week, heavy rain forecasted for the region on Wednesday afternoon poses a risk of isolated flooding. A Flash Flood Watch means that there is the potential for flash flooding which can be life-threatening.

Footnote in Trump report lists 'reimbursement' payment to Michael Cohen
Giuliani's statement contradicted Trump earlier having said that he had no knowledge about any payment made to Clifford. The money was meant to keep her from discussing an alleged extramarital affair with Trump prior to the 2016 election.

Neuer Makes A Surprise Return In Low's Provisional List
Whilst the coach still owns a house in Freiburg , the league's final fixtures had other games full of World Cup candidates. We will be open and honest after the training camp, and without match practice, you can't go into a tournament.