Tags: lachlan murdoch | ceo | fox | disney

Lachlan Murdoch to Replace Brother James as Fox CEO After Disney Deal

Lachlan Murdoch to Replace Brother James as Fox CEO After Disney Deal
Lachlan Murdoch arrives for the wedding of Jerry Hall and Rupert Murdoch at St Brides Church on March 5, 2016 in London, England. (Photo by John Phillips/Getty Images)

Wednesday, 16 May 2018 03:07 PM

Twenty First Century Fox’s Chief Executive Officer James Murdoch will leave the company and be succeeded by brother Lachlan once the company sells off its TV and film assets to Walt Disney Co.

James, younger son of the media tycoon Rupert Murdoch, decided months ago that he will pursue an opportunity of his own after quitting Fox, a source familiar with the matter told Reuters on Wednesday.

Lachlan and Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer.

Fox (FOXA) agreed last year to sell the bulk of its film and TV assets to Walt Disney (DIS) in a $52.4 billion deal. It expects to ask shareholders for approval of the transaction this summer.

The company has declined to comment on reports that Comcast Corp. (CMCSA) is preparing a rival all-cash offer for the same Fox assets.

The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said.

James Murdoch currently serves as chairman of Sky PLC (SKYB.L), where he was earlier forced out for four years after a phone-hacking scandal.

© 2019 Thomson/Reuters. All rights reserved.

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Lachlan Murdoch will serve as chairman and CEO of New Fox, the new company to be formed after 21st Century Fox sells much of its TV and entertainment holdings to Walt Disney Co.
lachlan murdoch, ceo, fox, disney
Wednesday, 16 May 2018 03:07 PM
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