FEATURED:

Lachlan Murdoch to serve as chairman, CEO of New Fox

Lachlan Murdoch to serve as chairman, CEO of New Fox
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Lachlan Murdoch, a son of 21st Century Fox Executive Chairman Rupert Murdoch, has been named chairman and CEO of New Fox, which will launch after 21st Century Fox sells a considerable amount of its TV and entertainment holdings to Walt Disney Co.

“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities,” said Lachlan Murdoch, 46.

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John Nallen, who currently serves as chief financial officer of 21st Century Fox, will move into the role of chief operating officer of New Fox, while Rupert Murdoch will serve as co-chairman of the new company.

“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," Lachlan Murdoch added.

The news comes five months after Disney announced plans to acquire most of 21st Century Fox’s assets for $52.4 billion, a deal that does not include Fox News, Fox Business Network, Fox Sports 1 or 2, the Big Ten Network or the Fox broadcasting network and stations.

The buyout does include Fox television channels including FX and Nat Geo, among others. Fox's film and entertainment franchises, which include "The Simpsons," “X-Men” and "Avatar,” will be owned by Disney.

"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 U.S. audience," said Rupert Murdoch, 87, on Wednesday.

Federal regulators still need to approve the deal.

The announcement comes as the Justice Department continues its legal battle with AT&T in its effort to block its $85 billion merger with Time Warner.