Lachlan Murdoch to serve as chairman, CEO of New Fox

Lachlan Murdoch to serve as chairman, CEO of New Fox

21st Century Fox has announced that Lachlan Murdoch will serve as chairman and CEO of the proposed "new Fox" following the deal with The Walt Disney Company, while Rupert Murdoch will serve as co-chairman and John Nallen takes on a broader role as COO. Rupert Murdoch will be co-chairman of New Fox.

"We have worked through the winter "standing up" a reimagined independent Fox", Lachlan Murdoch said in the statement.

Rupert Murdoch, 87, added: "The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a U.S. audience".

The executive will assume both the CEO and chairman jobs at the company, which is being referred to as New Fox.

Disney would also get Fox's stake in Hulu, which is a joint venture between Disney, 21st Century Fox and Comcast, the parent company of NBC.

Rupert Murdoch will serve as co-chairman of the new Fox, alongside Lachlan. He's expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments.

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The company remaining after selling the media assets will contain Fox News, Fox Business, Fox Broadcasting, Fox Sports, the TV stations group and cable sports networks including FS1, FS2, Fox Deportes and Big Ten Network. The Wall Street Journal reported this month that James will not take a position with Disney after the Fox acquisition.

Fox agreed previous year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal.

Further complicating matters USA media company Comcast launched its own £22bn for Sky in April, which caused Sky to withdraw its recommendation to its shareholders to accept the previous Fox offer.

Its brands will include Fox News, Fox Business and Fox Sports.

"The new Fox will begin as the only media company exclusively 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, 87, on Wednesday. But that began to change after Lachlan rejoined the business almost a decade later.

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