Published: Wed, May 16, 2018
Markets | By Otis Pena

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

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

The New Fox will revolve squarely around TV assets including the Fox Broadcasting Co. network and its TV station group, and the Fox News and Fox Sports operations.

The plan announced a year ago, which remains subject to regulatory approval, would give Disney the vaunted Fox Hollywood film and television studios, cable entertainment networks and global TV businesses.

While Rupert Murdoch has not withdrawn from the companies, he has been gradually turning over more authority to his sons Lachlan and James, who now is CEO at 21st Century Fox.

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 worldwide media businesses once the $52.4bn Fox-Disney deal is completed. It's not clear whether he will take a post at Disney.

John Nallen, the company's current chief financial officer, will take a bigger role at New Fox as chief operating officer.

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

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As news of the Disney-Fox deal began to cement last December, there were reports that James could move to Disney in a senior role after the Disney acquisition.

Rupert Murdoch, 87, has spent decades as one of the world's most influential media moguls. The future of his vast holdings has been a source of longstanding debate within the industry.

"We have worked through the winter "standing up" a reimagined independent Fox", Lachlan Murdoch said in a statement.

The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out. "We look forward to making further announcements as to the management and structure of this new Fox as we get closer to closing our proposed transaction with Disney".

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

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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