Twenty First Century Fox's Rupert Murdoch will be succeeded by eldest son Lachlan as chief executive officer once the company's TV and film assets are acquired by Walt Disney Co, Fox said on Wednesday.
Both Lachlan and Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer.
Fox agreed last year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal. It expects to ask shareholders for approval of the transaction this summer.
The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets.
The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said.
(Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D'Silva)
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
