Rupert Murdoch’s son Lachlan has been named the new CEO of Fox, contingent on a multibillion dollar deal with Disney, the company announced Tuesday.
Disney will take full ownership of all Fox assets except for the broadcast network, local TV stations, Fox News, and FS1 in the $71.3billion deal that’s forecast to close by the end of 2018 or in early 2019.
What’s left of the company will rebrand as simply ‘Fox’ after selling off most of its film and TV assets including a TV studio, film operation, and cable properties for FX Networks and National Geographic channels, according to the Hollywood Reporter.
21st Century Fox will rename itself as simply ‘Fox’ following deal with Disney and has announced a new executive board led by Lachlan Murdoch as chairman and CEO. Lachlan pictured left with father Rupert Murdoch
The new executive board will take effect upon the closing of a $71.3billion deal with Disney, that will buy majority of 21st Century Fox’s TV and film assets. The deal is expected to close by early 2019 at the latest
The new executive board was announced in a company e-mail on Tuesday with Murdoch at the helm, serving as chairman and Chief Executive Officer of Fox, according to Deadline.
Current Fox Sports president, Chief Operating Officer and Executive Producer Eric Shanks will be elevated to CEO of Fox Sports.
Mike Biard will be named President of Operations and Distribution, a promotion from his previous role as President of Distribution for Fox Networks Group.
Current Chief Technology Officer of 21st Century Fox Paul Cheesbrough will be promoted to Chief Technology Officer and Head of Direct to Consumer Platforms for Fox.
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Current Fox Sports president, Chief Operating Officer and Executive Producer Eric Shanks will be elevated to CEO of Fox Sports (left) and President of Distribution for Fox Networks Group Mike Biard will become President of Operations and Distribution
From left to right: Paul Cheesbrough will be promoted to Chief Technology Officer and Head of Direct to Consumer Platforms, Marianne Gambelli will become President of Ad Sales, Steve Tomsic will become Chief Financial Office of Fox
Currently President of Ad Sales for Fox News and Fox Business Network Marianne Gambelli will become President of Ad Sales for Fox.
And 21st Century Executive Vice President, Finance and Deputy CFO will be named Fox’s Chief Financial Officer.
Fox TV Group chairman and CEO Gary Newman is currently in negotiations to remain with the company.
‘We are fortunate to be able to continue working with these enormously talented executives who have helped make our businesses the incredible successes they are today,’ Lachlan Murdoch announced in a memo to staff sent out Tuesday morning.
‘Collectively they bring to Fox the vision, entrepreneurial spirit and proven track records to position Fox to seize future opportunities for its leading and deeply resonant brands across sports, news and entertainment,’ he added.
Fox Memo sent out to employees
I have an exciting update on “FOX.”
Today, we are announcing key leadership appointments across the new Company’s sports, distribution, ad sales operations and corporate functions, effective upon the close of our Disney transaction, anticipated in the first half of next year.
In many ways it is the best of both worlds: a proven bench of accomplished executives who have helped make 21CF the successful company it is today, combined with the fresh start made possible by the spin-off, creating a more nimble company centered on domestic sports, news and entertainment. Without a doubt, these attributes are powerful for a company that already begins Day One as the leader in news and live sporting events.
Following are the leadership appointments we are announcing today:
Eric Shanks, elevated to Chief Executive Officer of FOX Sports from his current role of President, Chief Operating Officer & Executive Producer, FOX Sports;
Mike Biard, elevated to President, Operations and Distribution for FOX from President, Distribution for Fox Networks Group;
Paul Cheesbrough, promoted to Chief Technology Officer and Head of Direct to Consumer Platforms for FOX, currently serves as 21CF’s CTO;
Marianne Gambelli, elevated to President of Ad Sales for FOX; she currently serves as President of Ad Sales for FOX News Channel and FOX Business Network;
Steve Tomsic, promoted to FOX’s Chief Financial Officer; currently serves as 21CF’s EVP, Finance and Deputy CFO.
As previously announced, 21CF’s CFO John Nallen will assume a broader role as Chief Operating Officer for the new company; Suzanne Scott will continue to serve as Chief Executive Officer of FOX News and FOX Business Network; and Jack Abernethy will remain Chief Executive Officer of Fox Television Stations. In addition, Viet Dinh was recently named FOX’s Chief Legal and Policy Officer.
Under our new structure, John, Suzanne, Viet, Eric, Paul and Marianne will report to me; Mike and Steve will report to John.
We are fortunate to be able to continue working with these talented executives. Collectively they bring to FOX the vision, entrepreneurial spirit and proven track records to position FOX to seize future opportunities for its leading and deeply resonant brands across sports, news and entertainment.
Please join me in congratulating each of them on their well-deserved promotions.
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