Twenty First Century Fox's James Murdoch will be succeeded by his brother Lachlan as chief executive officer once the company's TV and film assets are acquired by Walt Disney Co, Fox said on Wednesday.
The widely expected move comes as Fox tries to complete the Disney deal, which involves selling about $US52 billion ($65 billion) of entertainment assets.
The executive will assume both the CEO and chairman jobs at the company, which is being referred to as New Fox.
"We have worked through the winter "standing up" a reimagined independent Fox".
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The new Fox will include Fox News Channel, Fox Business Network, Fox Broadcasting Co., Fox Sports, Fox Television Group and cable sports channels. "The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities", said Lachlan Murdoch, 46.
Media baron Rupert Murdoch will act as co-chairman at the new company while John Nallen, 21st Century Fox's chief financial officer, will take the role of Fox's chief operating officer.
The appointments of Lachlan Murdoch and Nallen had been expected, as was the fact that there is no role for current 21st Century Fox CEO James Murdoch in the new company. 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. While that latter portion of 21st Century Fox would end up as part of the Walt Disney Company should the deal be approved; the former asset is, as we said before, part of that list of "new" Fox properties. Comcast Corp., the largest USA cable channel, is said to be preparing financing for a potential counterbid for the Fox operations.
"New" Fox has named its senior leadership team.
Lachlan's brother James - now Fox's chief executive officer - wasn't mentioned in Wednesday's statement. "I look forward to joining Lachlan as we begin to establish new Fox".