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

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

Lachlan Murdoch will serve as chairman and chief executive of the proposed new "Fox" company - a position senior to father Rupert Murdoch - once the deal to sell Fox assets to Walt Disney is approved by shareholders and regulators, the company said today.

The maker of Family Guy and The Simpsons confirmed the operations of the "New Fox" due to be formed by the sale of its film and television studios, and a clutch of worldwide assets including Sky, will be led by 46-year-old Lachlan. Wednesday's announcement also fails to address questions about the fate of myriad other executives including current 21st Century Fox co-president Peter Rice and Fox Television Group chairs Dana Walden and Gary Newman.

Disney would acquire Fox's film and television studios, its FX and National Geographic cable networks, Fox's regional sports networks, its stakes Hulu and in United Kingdom pay TV provider Sky, as well as Star India.

James Murdoch, Lachlan's 45-year-old brother, now helms Fox.

Oil near multi-year highs on Iran sanctions
US President Donald Trump on May 8 announced that the US was withdrawing from a 2015 deal negotiated by the Obama administration. One of the reasons why the price of oil has been inching up has been, in fact, the prospect of losing Iran's oil supply.

According to the announcement, Fox chief financial officer John Nallen will take on the role of chief operating officer as a result of the transaction. But reigning Disney CEO Bob Iger has conspicuously failed to offer specifics of any potential role. They are all assets the company said it would keep after striking a $52 billion-deal late past year with Disney for its major TV and film divisions, which include cable channels FX and National Geographic.

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

"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", he said. Sources told CNNMoney last week that Comcast is in talks to make its own, higher bid for the business that Disney wants to buy. "I look forward to joining Lachlan as we begin to establish new Fox".

In recent months, James has distanced himself from the politics espoused by his father and the company's flagship channel, Fox News.

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