“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities,” said Lachlan Murdoch, 46.
John Nallen, who currently serves as chief financial officer of 21st Century Fox, will move into the role of chief operating officer of New Fox, while Rupert Murdoch will serve as co-chairman of the new company.
The Hill reports 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.
The buyout does include Fox television channels including FX and Nat Geo, among others. Fox's film and entertainment franchises, which include "The Simpsons," “X-Men” and "Avatar,” will be owned by Disney.
Federal regulators still need to approve the deal.