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

17 May 2018

The shift in leadership comes after last December's announcement that the Walt Disney Company plans to acquire many 21st Century Fox assets in a $52.4 billion deal, which is now pending approval - though rival media giant Comcast has threatened to derail the merger.

John Nallen, Fox's current chief financial officer, will assume a broader role as chief operating officer.

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

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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.

On Wednesday, Lachlan Murdoch, 46, said in a statement that "we have worked through the winter "standing up" a reimagined independent Fox".

21st Century Fox has unveiled the executive structure of the proposed "New Fox" group in the United States, which will be formed if a proposed buyout of its other assets by Disney goes ahead.

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Lachlan Murdoch (left) will be CEO of the new Fox company, with his brother James (right) expected to depart. Fox is now trying to sell off $52 billion of TV and entertainment assets, and once the deal is finalized, the resulting company will be lead by Rupert Murdoch and his son. The deal also has Fox's share of Hulu going to Disney, which means the latter will have 60 percent of that digital VOD asset, and Disney also is supposed to get Fox's 39 percent share of Sky, the European TV giant. It expects to ask shareholders for approval of the transaction this summer. The Wall Street Journal reported this month that James will not take a position with Disney after the Fox acquisition. "The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities".

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

The New Fox will revolve squarely around TV assets including the Fox Broadcasting Co. network and its TV station group, and the Fox News and Fox Sports operations. But that began to change after Lachlan rejoined the business almost a decade later.

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