Lachlan Murdoch will be chairman and CEO of the new 21st Century Fox after it sells most of its businesses to Disney, Fox announced Wednesday. His father, Rupert Murdoch, will serve as co-chairman of “new Fox,” which will be made up of the Fox broadcast network, Fox News and the Fox Sports networks. Fox’s current CEO and Lachlan’s brother, James Murdoch, was not mentioned in the announcement and it has been reported that he won’t seek a position at Disney. Fox Chief Financial Officer John Nallen will be bumped up to chief operating officer and be given a broader portfolio. Both Lachlan Murdoch’s role at the new company and James Murdoch’s lack of one were expected.
Of course, whether the deal goes through is still uncertain. Comcast has reportedly been planning a $60 billion all-cash bid for those same Fox assets that could tempt shareholders. Whether Comcast proceeds is likely dependent on whether AT&T’s acquisition of Time Warner gets through a Justice Department lawsuit, which should become clear next month. Otherwise, the regulatory obstacles for Comcast are probably too great.