Lachlan Murdoch to be 'New Fox' CEO

Lachlan Murdoch to be 'New Fox' CEO

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.

"We have worked through the winter "standing up" a reimagined independent Fox".

John Nallen, who now serves as chief financial officer of 21st Century Fox, will move into the role of chief operating officer of New Fox, while Rupert Murdoch will serve as co-chairman of the new company. It's no huge surprise that Lachlan Murdoch will serve as chairman and CEO.

There was no mention of Lachlan's brother James Murdoch in the Wednesday morning memo.

It has been reported that he is likely to leave the new company after the deal with Disney goes through.

21st Century Fox chief financial officer John Nallen will take a broader position as chief operating officer, but no role for the group's current president, Peter Rice, was included in today's announcement.

Prior to the Disney bid Fox had made an approach to acquire the 59 per cent of Sky it did not already own, however that deal has been repeatedly held up by United Kingdom regulators over fears it would undermine media plurality.

This means Lachlan's brother James Murdoch, chief executive of 21st Century Fox, will not take on a new role.

"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", Nallen added. Fox Entertainment Group chairmen and CEOs Dana Walden and Gary Newman are in advanced negotiations for a one-year contract extension to steer the division until the sale is finalized, sources say.