MUMBAI: The Murdochs-led 21st Century Fox has unveiled a new executive structure of the upcoming New Fox group after Disney buys out its other assets as proposed.
Lachlan Murdoch will be chairman and CEO while father Rupert Murdoch will hold on as co-chairman. Since 2015, Lachlan has been executive chairman of 21st Century Fox. He works directly with the company’s senior management and board of directors in developing global strategies and setting the overall corporate vision. He also currently serves as co-chairman of News Corp and executive chairman of NOVA Entertainment, an Australian media company.
Speaking on the changes, Lachlan Murdoch said: “We have worked through the winter ‘standing up’ a reimagined independent Fox. I am 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.”
21st Century Fox CEO James Murdoch has found no place at New Fox, which is news and sports focussed. Instead, James will be launching his own venture.
Chief financial officer John Nallen will be the chief operating officer but current president Peter Rice didn’t find a seat at the helm. “The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling. I look forward to joining Lachlan as we begin to establish new Fox,” said Nallen.
“The new Fox will begin as the only media company solely focused on the domestic market; focused on what Americans love best—sports, news and entertainment, built and delivered for a US audience,” said Rupert Murdoch.
New Fox will have Fox News, Fox Business Network, Fox Broadcasting Company, Fox Sports and Fox Television Stations Group as well as sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.
A while ago, the Walt Disney Company agreed to a pay $52.4bn for Fox’s other assets including film and TV studios, US cable networks and international channels. Disney also gets a shot at National Geographic, FX and FXX, and even a 30 per cent interest in Hulu, which gives it a controlling stake in the US streamer. The deal also comes with stakes in Sky and Endemol Shine Group.
