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Lachlan Murdoch to head 'new' Fox after asset sale

AFP  |  New York 

Rupert Murdoch's son would assume the role of at following the closing of a proposed deal to sell key portions of the group to Disney, the company said today.

Under the plan, 87-year-old would be group.

The plan announced last year, which remains subject to regulatory approval, would give Disney the vaunted Fox Hollywood film and television studios, and international TV businesses.

The new Fox would included Channel, Fox Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports

"We have worked through the winter 'standing up' a reimagined independent Fox," Murdoch said in a statement.

"The strengths of the new company, a in news, sports and entertainment, present truly unique opportunities." The blockbuster $52 billion deal, which was announced in December, vastly reduces the Fox built by Rupert Murdoch, leaving him and his family a more tightly focused group.

The deal has sparked concerns about too much concentration of power, giving Disney some 40 percent of US box office revenues and a large chunk of television entertainment and sports channels.

In 2013, Fox was separated from Murdoch's Corp., which retained newspaper operations in the US, Britain and

While has not withdrawn from the companies, he has been gradually turning over more authority to his sons and James, who currently is at

Until now, Rupert and have shared the titled of

It was not immediately clear what if any role would play at the new Fox, but reported he is likely to start a venture fund investing in

Some earlier reports said might move to Disney following the deal.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 00:45 IST