Lachlan Murdoch to head 'new' Fox after asset sale

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Lachlan Murdoch is set to be the new chief executive officer (CEO) and chairman at Fox following its anticipated $66bn (£49bn) deal with Disney it was announced today.

John Nallen, now CFO of 21st Century Fox, will serve as chief operating officer of New Fox.

The news comes five months after Disney announced plans to acquire most of 21st Century Fox's assets for $52.4 billion, a deal that does not include Fox News, Fox Business Network, Fox Sports 1 or 2, the Big Ten Network or the Fox broadcasting network and stations.

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. It looks to become a leaner business focused on Fox News, cable sports networks and local TV.

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While Rupert Murdoch has not withdrawn from the companies, he has been gradually turning over more authority to his sons Lachlan and James, who now is CEO at 21st Century Fox.

"We have worked through the winter "standing up" a reimagined independent Fox", Lachlan Murdoch said in a statement.

Lachlan Murdoch (left) will be CEO of the new Fox company, with his brother James (right) expected to depart.

The Fox Television Group is headed by chairman and co-CEOs Dana Walden and Gary Newman, who run both the Fox broadcast network and its television studio together. He's expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments.

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

"New" Fox has named its senior leadership team.

The maker of Family Guy and The Simpsons confirmed the operations of the "New Fox" due to be formed by the sale of its film and television studios, and a clutch of worldwide assets including Sky, will be led by 46-year-old Lachlan. "I look forward to joining Lachlan as we begin to establish new Fox".

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