The news comes five months after Disney announced plans to acquire most of 21st Century Fox's assets for $52.4 billion, a deal that does not include Fox News, Fox Business Network, Fox Sports 1 or 2, the Big Ten Network or the Fox broadcasting network and stations.
James Murdoch has been serving as the CEO of 21st Century Fox, while his brother and father have been serving as co-executive chairman. They are all assets the company said it would keep after striking a $52 billion-deal late a year ago with Disney for its major TV and film divisions, which include cable channels FX and National Geographic.
Disney would acquire Fox's film and television studios, its FX and National Geographic cable networks, Fox's regional sports networks, its stakes Hulu and in United Kingdom pay TV provider Sky, as well as Star India. Time Warner, CNN's parent company, also owns a 10% stake. It expects to ask shareholders for approval of the transaction this summer. I also like to think, and again I don't know anything, I'm not an executive over there, but I like to think that the acquisition of Fox, by whether be it Comcast, Disney, or Myspace for fuck's sakes, I like to think that whoever buys Fox is buying it to keep intact, and to allow it to be its own entity. As expected, the new-model Fox Broadcasting Co. will emphasize live sports and events. Rupert Murdoch will remain joint chairman.
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After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James. "I look forward to joining Lachlan as we begin to establish new 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.
The Wall Street Journal, owned by the Murdoch publishing company News Corp, has reported that he intends to set up a venture capital fund to invest in media and technology start-ups.