Lachlan Murdoch to replace brother James as Fox CEO after Disney deal

By Munsif Vengattil

(Reuters) - Twenty First Century Fox's Chief Executive Officer James Murdoch will leave the company and be succeeded by brother Lachlan once the company sells off its TV and film assets to Walt Disney Co .

James, younger son of the media tycoon Rupert Murdoch, decided months ago that he will pursue an opportunity of his own after quitting Fox, a source familiar with the matter told Reuters on Wednesday.

Lachlan and Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer.

Fox agreed last year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal. It expects to ask shareholders for approval of the transaction this summer.

The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets.

The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said.

James Murdoch currently serves as chairman of Sky PLC , where he was earlier forced out for four years after a phone-hacking scandal.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D'Silva and Saumyadeb Chakrabarty)

Related News

Australian banks narrow focus of Apple Pay...

Feb 12, 2017

US-APPLE-AUSTRALIA:Australian banks narrow focus of Apple Pay collective bargaining request

Hopes of U.S. tax cuts lift dollar index to...

Feb 13, 2017

US-GLOBAL-FOREX:Hopes of U.S. tax cuts lift dollar index to three-week high

Model with Down syndrome launches design label at...

Feb 14, 2017

US-FASHION-NEW-YORK-DOWNSYNDROME:Model with Down syndrome launches design label at New York Fashion...

Hopes of U.S. tax cuts lift dollar index to...

Feb 14, 2017

GLOBAL-FOREX/ (UPDATE 5, GRAPHIC):FOREX-Hopes of U.S. tax cuts lift dollar index to 3-week high

Vote deal with One Nation shows Australia's shift...

Feb 13, 2017

US-AUSTRALIA-POLITICS:Vote deal with One Nation shows Australia's shift to the right

Australia struggles to improve lives of...

Feb 14, 2017

US-AUSTRALIA-POLITICS-INDIGENOUS:Australia struggles to improve lives of indigenous population

About Us

In the busy city of New York, News On Express fills you in with all the breaking world news, in short, and brief news articles so that you can read them on-the-go.

Contact us: sales[at]newsonexpress.com

Subscribe Now!