Lachlan Murdoch will serve as chairman and CEO of New Fox, the new company to be formed after 21st Century FOX sells much of its TV and entertainment holdings to Walt Disney Co.
John Nallen, currently CFO of 21st Century FOX, will serve as chief operating officer of New Fox. Rupert Murdoch will be co-chairman of New Fox.
“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities,” said Lachlan Murdoch. “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.”
New Fox will revolve around TV assets including the FOX Broadcasting Co., FOX News and FOX Sports operations. The rest of its major Hollywood assets are in line to be sold to Disney in a $52.4 billion deal.
There is no role for current 21st Century FOX CEO James Murdoch in the new company.