James Murdoch, the Chief Executive Officer (CEO) of 21st Century Fox, will leave 21st Century Fox after most of its assets are sold to Disney. James would be handing over his executive responsibilities to his elder brother, Lachlan Murdoch. Their father, Rupert Murdoch, would remain as joint chairman.
The genius producer of TV hit animations, like The Simpsons and Family Guy, confirmed the procedures of sales of what he deemed the “New Fox.” James Murdoch said that the sales operations of the “New Fox” would compose of the network’s film and television studios, and a clutch of international assets including Sky. All of those as mentioned earlier will be handed to Lachlan Murdoch.
Lachlan would take over his responsibilities as Chief Executive of “New Fox” once the Disney deal is completed. The surprise decision of the Murdochs took everyone by surprise. Their verdict on selling most of their company to Disney last year triggered speculation over James’ future in the family business. It turns out that James Murdoch has plans of venturing on his own by planning to set up a business venture capital fund to invest in media and technology companies.
Rupert Murdoch, James and Lachlan’s father and Fox Chairman, said that the New Fox would begin as the only media company solely focused on the domestic market; focused on what Americans love best – sports, news, and entertainment built and delivered for a US audience.
To clear up speculation if the brothers are having a feud over the transfer of the company, the Murdoch brothers said that they’d never fight over the business. James said, “From a strategy point of view, on the board-level stuff, I don’t think Lachlan, and I have ever had any major — or really any minor — disagreements concerning where the
direction of the business needs to be and how we prosecute that.”