Lachlan Murdoch Succeeds Brother at Fox

17 May, 2018, 03:51 | Author: Brooke Harris
  • Lachlan Murdoch

Lachlan Murdoch, a son of 21st Century Fox Executive Chairman Rupert Murdoch, has been named chairman and CEO of New Fox, which will launch after 21st Century Fox sells a considerable amount of its TV and entertainment holdings to Walt Disney Co.

Lachlan Murdoch has served as executive chairman of 21st Century Fox since 2015. The announcement doesn't say anything about what will happen to current Fox CEO James Murdoch, but Bloomberg reports that he is preparing to focus on his own endeavors in technology investments.

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.

The deal sells off Fox's TV and Entertainment sections, leaving the company to focus exclusively on its news and media divisions which will include Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network. It expects to ask shareholders for approval of the transaction this summer.

However, the announcement does bno acknowledge the Comcast's interest in making an unsolicited bid for Fox.

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Rupert Murdoch is one of the most powerful and influential media figures in the industry.

There was no mention of Lachlan's brother James Murdoch in the Wednesday morning memo. And media observers have long debated which of his sons would ultimately inherit their father's company. "I look forward to joining Lachlan as we begin to establish new Fox".

Sky chairman James, 45, will not be involved in running a much smaller US-only company focused on news and sport.

He denounced President Donald Trump's reaction to the race-related violence in Charlottesville, Virginia, last August.

The widely expected move comes as Fox tries to complete the Disney deal, which involves selling about $US52 billion ($65 billion) of entertainment assets.

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