Lachlan Murdoch Succeeds Brother at Fox

Lachlan Murdoch Succeeds Brother at Fox

Since 2015, Lachlan has been executive chairman of 21st Century Fox.

Rupert Murdoch said Fox will be the only media company exclusively focused on the United States market and "on what America loves best-sports, news and entertainment". Rupert Murdoch will serve as Co-Chairman of the new Fox, alongside Lachlan Murdoch and John Nallen, 21CF's Chief Financial Officer will take a broader role as new Fox's Chief Operating Officer.

Current CFO, John Nallen, will move into the expanded role of COO, the company said in an emailed statement.

The company remaining after the Disney sale will retain most of the company's television businesses: cable networks Fox News, Fox Business and Fox Sports, the nationwide FOX broadcast network; the TV stations group; and other sports networks, including FS1, FS2, Fox Deportes and Big Ten Network. Comcast, the largest United States cable channel, is said to be preparing financing for a potential counterbid for the Fox operations. Time Warner, CNN's parent company, also owns a 10% stake.

The next phase is expected to take place in the summer when shareholders will be asked for their approval of the sell-off.

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The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out. And media observers have long debated which of his sons would ultimately inherit their father's company.

He returned to the family business in 2014, after an abrupt departure almost a decade earlier.

Murdoch further commented, "With more than two decades of experience in newsgathering and production where he helped build and transform the news division, Jay Wallace's editorial leadership and passion for journalism will serve FOX News well into the future".

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

The deal with Disney is still a long way from being completed.

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