Rupert Murdoch's son to lead new Fox after Disney deal

Business 5/16/2018, 6:33 PM
Rupert Murdoch's son to lead new Fox after Disney deal

The current chief financial officer of 21st Century Fox Lachlan Murdoch (pictured left) will become the new chief executive and chairman of the company once its deal with Disney goes through, while his father, Rupert Murdoch (pictured center) will serve as the co-chairman, according to a statement released on Wednesday. Meanwhile, Fox's current chief financial officer John Nallen will also move to the newly created entity.

"I am also personally very pleased that John has agreed to take on the role of Chief Operating Officer, and together we look forward to making further announcements as to the management and structure of this new Fox as we get closer to closing our proposed transaction with Disney," Lachlan Murdoch said in a statement.

The deal worth $66 billion was announced last December and will ultimately result in Disney's acquisition of Fox's entertainment assets, including Fox's movie studio 20th Century Fox, National Geographic Partners, as well as Fox's stake in Sky. However, Fox's remaining news and sports businesses, including the news channel Fox News, will form a new company.

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