Rupert Murdoch's son Lachlan to become Fox CEO after Disney deal

May 16 (Reuters) - Twenty First Century Fox's Rupert Murdoch will be succeeded by eldest son Lachlan as chief executive officer once the company's TV and film assets are acquired by Walt Disney Co, Fox said on Wednesday.

Both Lachlan and Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer.

Fox agreed last year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal. It expects to ask shareholders for approval of the transaction this summer.

RELATED: Rupert Murdoch out and about

18 PHOTOS
Rupert Murdoch out and about
See Gallery
Rupert Murdoch out and about
FILE: News Corp. Chairman Rupert Murdoch and his wife Wendi Murdoch attend the Bloomberg Vanity Fair White House Correspondents' Association (WHCA) dinner afterparty in Washington, D.C., U.S., on Saturday, April 30, 2011. For decades, investors, analysts, busybodies, columnists and gossips have loved to chew over the ultimate media-dynasty question: When Rupert Murdoch was at long last forced to step down -- whether for age, coup or scandal -- which of his children would assume the throne of his vast empire? James or Lachlan or Elisabeth? Now we know the answer. Our editors select the best archive images of the Murdoch family. Photographer: Andrew Harrer/Bloomberg via Getty Images
FILE: Rupert Murdoch, chairman and chief executive officer of News Corp., third left, speaks to members of the media outside Number One Aldwych hotel after meeting the family of murdered schoolgirl Milly Dowler, in London, U.K., on Friday, July 15, 2011. For decades, investors, analysts, busybodies, columnists and gossips have loved to chew over the ultimate media-dynasty question: When Rupert Murdoch was at long last forced to step down -- whether for age, coup or scandal -- which of his children would assume the throne of his vast empire? James or Lachlan or Elisabeth? Now we know the answer. Our editors select the best archive images of the Murdoch family. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
FILE: Rupert Murdoch, chairman of News Corp., listens as U.S. President Barack Obama, not pictured, speaks at the Wall Street Journal CEO Council annual meeting at the Four Seasons Hotel in Washington, D.C., on Tuesday, Nov. 19, 2013. For decades, investors, analysts, busybodies, columnists and gossips have loved to chew over the ultimate media-dynasty question: When Rupert Murdoch was at long last forced to step down -- whether for age, coup or scandal -- which of his children would assume the throne of his vast empire? James or Lachlan or Elisabeth? Now we know the answer. Our editors select the best archive images of the Murdoch family. Photographer: Drew Angerer/Bloomberg via Getty Images
FILE: Rupert Murdoch, chairman of News Corp., walks outside during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Thursday, July 10, 2014. For decades, investors, analysts, busybodies, columnists and gossips have loved to chew over the ultimate media-dynasty question: When Rupert Murdoch was at long last forced to step down -- whether for age, coup or scandal -- which of his children would assume the throne of his vast empire? James or Lachlan or Elisabeth? Now we know the answer. Our editors select the best archive images of the Murdoch family. Photographer: Daniel Acker/Bloomberg via Getty Images
FILE: Rupert Murdoch, chairman and chief executive officer of News Corp., left, walks with his son Lachlan Murdoch, a board member of News Corp., while arriving for a morning session during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Thursday, July 11, 2013. For decades, investors, analysts, busybodies, columnists and gossips have loved to chew over the ultimate media-dynasty question: When Rupert Murdoch was at long last forced to step down -- whether for age, coup or scandal -- which of his children would assume the throne of his vast empire? James or Lachlan or Elisabeth? Now we know the answer. Our editors select the best archive images of the Murdoch family. Photographer: Daniel Acker/Bloomberg via Getty Images
NEW YORK, NY - NOVEMBER 01: Rupert Murdoch and Jerry Hall at a Wall Street Journal event on November 1, 2017 in New York City. (Photo by Gotham/GC Images)
NEW YORK, NY - NOVEMBER 01: Jerry Hall and Chairman of Fox News Channel Rupert Murdoch during the WSJ Magazine 2017 Innovator Awards at Museum of Modern Art on November 1, 2017 in New York City. (Photo by Gonzalo Marroquin/Patrick McMullan via Getty Images)
Rupert Murdoch, co-chairman of Twenty-First Century Fox Inc., left, and Lachlan Murdoch, co-chairman of Twenty-First Century Fox Inc., arrive for a morning session during the Allen & Co. Media and Technology conference in Sun Valley, Idaho, U.S., on Thursday, July 13, 2017. The 34th annual Allen & Co. conference gathers many of America's wealthiest and most powerful people in media, technology, and sports. Photographer: David Paul Morris/Bloomberg via Getty Images
LONDON, ENGLAND - JUNE 07: Rupert Murdoch (L) and Jerry Hall attend the Royal Academy Of Arts Summer Exhibition preview party at Royal Academy of Arts on June 7, 2017 in London, England. (Photo by David M Benett/Dave Benett/Getty Images)
LONDON, ENGLAND - JUNE 14: Rupert Murdoch at Borough Market as it re-opens to the public following the terrorist attack on June 14, 2017 in London, England. Eight people were killed and at least 48 injured in terror attacks on London Bridge and Borough Market on June 3rd. (Photo by Neil P. Mockford/Getty Images)
LONDON, ENGLAND - JUNE 05: Jerry Hall (L) and Rupert Murdoch attend the launch of new book 'Climate Of Hope' by Michael Bloomberg and Carl Pope at The Ned on June 5, 2017 in London, England. (Photo by David M Benett/Dave Benett/Getty Images)
Rupert Murdoch, Executive Chairman of News Corp, speaks during a dinner to commemorate the 75th anniversary of the Battle of the Coral Sea during WWII onboard the Intrepid Sea, Air and Space Museum May 4, 2017 in New York, New York. / AFP PHOTO / Brendan Smialowski (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)
LONDON, ENGLAND - MARCH 27: Rupert Murdoch and Jerry Hall attend the English National Opera Spring Gala 2017 at Rosewood London on March 27, 2017 in London, England. (Photo by David M. Benett/Dave Benett/Getty Images)
BEVERLY HILLS, CA - FEBRUARY 26: Rupert Murdoch and Jerry Hall attend the 2017 Vanity Fair Oscar Party at Wallis Annenberg Center for the Performing Arts on February 26, 2017 in Beverly Hills, California. (Photo by Taylor Hill/Getty Images)
HOUSTON, TX - FEBRUARY 05: Rupert Murdoch looks on prior to Super Bowl 51 between the Atlanta Falcons and the New England Patriots at NRG Stadium on February 5, 2017 in Houston, Texas. (Photo by Al Bello/Getty Images)
NEW YORK, NY - NOVEMBER 19: (L-R) Cai Guo-Qiang, Rupert Murdoch, Kevin Macdonald and Wendi Deng Murdoch attend Bennett Miller, Wendi Murdoch, Jean Pigozzi and Diane von Furstenberg host a screening of the Netflix documentary SKY LADDER: THE ART OF CAI GOU-QIANG at Dolby 88 on November 19, 2016 in New York City. (Photo by Aurora Rose/Patrick McMullan via Getty Images)
NEW YORK, NY - JULY 21: Rupert Murdoch leaves the News Corporation building with his son Lachlan Murdoch (R) on July 21, 2016 in New York City. Rupert Murdoch is taking over as Chairman and CEO of Fox News Channel after former Chairman and CEO Roger Ailes departed the company today amid sexual harassment charges. (Photo by Kevin Hagen/Getty Images)
Rupert Murdoch, co-chairman and founder of Twenty-First Century Fox Inc., arrives for the morning sessions during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Thursday, July 7, 2016. Billionaires, chief executive officers, and leaders from the technology, media, and finance industries gather this week at the Idaho mountain resort conference hosted by investment banking firm Allen & Co. Photographer: David Paul Morris/Bloomberg via Getty Images
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets.

The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said. (Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D'Silva)

Read Full Story