Lachlan Murdoch, not James, will lead new Fox company

Leadership team for “New Fox” revealed by Fox

The new Fox company will be without 21st Century Fox's film and television studios, entertainment cable channels, a stake in streaming service Hulu and regional sports networks.

Fox agreed past year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal.

John Nallen, who now 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.

The formal annointment of Lachlan Murdoch comes as younger brother James Murdoch, 45, is reported to be looking at starting a venture capital fund to invest in digital and global media businesses once the $52.4bn Fox-Disney deal is completed.

The position of current 21st Century Fox CEO James Murdoch, younger brother of Lachlan Murdoch, is unclear.

John Nallen, who previously served as chief operating officer of 21st Century Fox, will now serve in the same role at the new company.

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After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James.

Rupert Murdoch is one of the most powerful and influential media figures in the industry.

The Disney purchase is still pending approval from shareholders and regulators, and recent news has cast the fate of the Fox assets in doubt. Though the Disney deal gives his son less territory to command, it still includes significant sports, entertainment and news assets. Speculation about James at the time of the deal centered on a possible role at Disney, where CEO Bob Iger's contract had been slated to end in 2019, and an heir apparent was not in place.

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

Lachlan Murdoch has been Fox's executive chairman since 2015.

Rupert Murdoch will serve as co-chairman of the new Fox, alongside Lachlan. But Comcast submitted a higher bid for the business last month.

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