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Missing in action: James Murdoch

17 May 2018

21st Century Fox CEO James Murdoch has found no place at New Fox, which is news and sports focussed.

21st Century Fox Inc.'s Lachlan Murdoch, the eldest son of media magnate Rupert Murdoch, plans to take the helm of the remaining business in the wake of a proposed deal to sell most of its entertainment assets to Walt Disney Co.

21CF executive chairman Lachlan Murdoch will serve as Chairman and Chief Executive Officer of the proposed new "Fox". According to CNBC, Comcast was willing to offer $60B in cash to 21st Century Fox in hopes of acquiring the company and most of its media assets.

The next phase is expected to take place in the summer when shareholders will be asked for their approval of the sell-off.

New Fox will house Fox News, Fox Business Network, Fox Broadcasting Company, Fox Sports and Fox Television Stations Group as well as sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.

"The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a U.S. audience", said Rupert Murdoch.

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There was no mention of Lachlan's brother James Murdoch in the Wednesday morning memo. In this role, he works directly with the Company's senior management and Board of Directors in developing global strategies and setting the overall corporate vision.

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

Current CFO, John Nallen, will move into the expanded role of COO, the company said in an emailed statement. But the Wall Street Journal reported last week that James would not join Disney, and instead would likely start a venture capital fund.

'The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities.

In a statement, Rupert Murdoch said: "The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a U.S. audience".

The new Fox, which depends on approval from regulators and shareholders, will mostly be focused on United States news and sport broadcasting.

Missing in action: James Murdoch