Lachlan Murdoch named Chairman and CEO of FOX spinoff company

Lachlan Murdoch named Chairman and CEO of FOX spinoff company
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21st Century Fox announced Tuesday that Lachlan Murdoch, son of media mogul Rupert Murdoch, will lead the company spun out of a merger with Walt Disney Co.

The broadcasting giant announced the spin-off company will be known simply as "FOX" once the merger with Disney is completed.

Lachlan Murdoch will serve as the CEO of FOX, Eric Shanks will work as the CEO of FOX Sports and Suzanne Scott will continue to serve as Chief Executive Officer of FOX News and FOX Business.

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The positions will take effect upon the closure of the merger between Disney and 21st Century Fox. Disney purchased most of Fox's film and TV assets earlier this year. 

Fox has condensed its holdings in the wake of the Disney merger, selling its remaining stake in European broadcaster Sky last week.

The sale of its 39 percent holding in Sky gave Comcast full control of the European broadcaster.

Comcast beat out Fox in a long-running bidding war for control of Sky last month with a $40 billion offer.