21st Century Fox’s Lachlan Murdoch, the eldest son of media magnate Rupert Murdoch, plans to take the helm of the remaining business following a proposed deal to sell most of its entertainment assets to Walt Disney Co.
The executive will assume both the CEO and chairman jobs at the company, which is being referred to as New Fox. Rupert Murdoch, 87, will become co-chairman, alongside his son.
The widely expected move comes as Fox tries to complete the Disney deal, which involves selling about $52 billion of entertainment assets.
But the matter may not be settled just yet. Comcast, the largest U.S. cable channel, is said to be preparing financing for a potential counterbid for the Fox operations.
The current Fox chief executive officer, James Murdoch, wasn’t mentioned in Wednesday’s statement. He’s expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments.
Fox is preparing for a future without its film and TV studios, as well as cable channels such as FX and National Geographic. It looks to become a leaner business focused on Fox News, cable sports networks and local TV.
Toward that end, it agreed to acquire seven stations from Sinclair Broadcast Group this month.