Published: Wed, May 16, 2018
Business | By Kate Woods

No more Family Guy: James Murdoch to leave Fox after Disney deal

No more Family Guy: James Murdoch to leave Fox after Disney deal

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".

'The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities.

John Nallen, the company's current chief financial officer, will take a bigger role at New Fox as chief operating officer. According to CNBC, Comcast was willing to offer $60B in cash to 21st Century Fox in hopes of acquiring the company and most of its media assets.

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Lachlan Murdoch will replace his brother James as the CEO and chairman of Fox if its $52.4billion deal with Walt Disney Inc goes through.

The appointments of Lachlan Murdoch and Nallen had been expected, as was the fact that there is no role for current 21st Century Fox CEO James Murdoch in the new company. It's not clear whether he will take a post at Disney. He's expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments.

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

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The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said. However, Comcast has let it be known that it is strongly considering mounting a rival bid for the 21st Century Fox assets.

Rupert added: 'The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a United States audience'. Comcast, the largest US cable channel, is said to be preparing financing for a potential counterbid for the Fox operations. "I look forward to joining Lachlan as we begin to establish new Fox".

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