Lachlan Murdoch set to become chairman and CEO of 'New Fox'

Suzanne Scott Fox News

James Murdoch has been serving as the CEO of 21st Century Fox, while his brother and father have been serving as co-executive chairman.

Rupert Murdoch said Fox will be the only media company exclusively focused on the U.S. market and "on what America loves best-sports, news and entertainment".

'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'.

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Lachlan Murdoch will replace his brother James as the CEO and chairman of Fox if its $52.4billion deal with Walt Disney Inc goes through.

John Nallen, now CFO of 21st Century Fox, will serve as chief operating officer of New Fox. 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. It's not clear whether he will take a post at Disney.

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

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Fox is preparing for a future without its film and TV studios, as well as cable channels such as FX and National Geographic. I also like to think, and again I don't know anything, I'm not an executive over there, but I like to think that the acquisition of Fox, by whether be it Comcast, Disney, or Myspace for fuck's sakes, I like to think that whoever buys Fox is buying it to keep intact, and to allow it to be its own entity.

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.

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"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", said Nallen. But that began to change after Lachlan rejoined the business almost a decade later.

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