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

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

Last week, the proposed acquisition of 21st Century Fox by The Walt Disney Company took a hit, much to fan dismay, when rival contender Comcast tabled a substantial, all-cash bid for the rights to intellectual properties owned by the Rupert Murdoch-founded company.

If things go as planned, the still Murdoch-run "new" Fox will be holding onto Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.

The executive will assume both the CEO and chairman jobs at the company, which is being referred to as New Fox. Fox is now trying to sell off $52 billion of TV and entertainment assets, and once the deal is finalized, the resulting company will be lead by Rupert Murdoch and his son.

The position of current 21st Century Fox CEO James Murdoch, younger brother of Lachlan Murdoch, is unclear. But the matter may not be settled. He's expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments.

While it is not yet set in stone, Walt Disney agreed last December to purchase 21st Century Fox's film, television and global assets for $US52.4 billion in stock, and would assume $13.7 billion in debt.

"The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities", said Lachlan Murdoch, who has served as executive chairman of Fox since 2015.

The new Fox, which depends on approval from regulators and shareholders, will mostly be focused on USA news and sport broadcasting. Though the Disney deal gives his son less territory to command, it still includes significant sports, entertainment and news assets.

Another possible wild card for Fox is an attempt to buy the portion of United Kingdom satellite broadcaster Sky that it doesn't already own.

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