Today, executive co-chairman of 21st Century Fox Lachlan Murdoch announced the new team of leaders who run the company after it sells key assets to the Walt Disney Company.
The $71.3 billion deal between Disney and Fox is expected to close in 2019 and Lachlan Murdoch has appointed executives to key roles in the spin-off entity currently dubbed “New Fox.” President, chief operating officer and executive producer of Fox Sports Eric Shanks will become the CEO of the new division while Mike Biard will move from his current role as president of distribution for Fox Networks Group to become the president of operations and distribution for the whole company.
Meanwhile, current chief technology officer of 21st Century Fox Paul Cheesbrough will become CTO and head of direct-to-consumer platforms for the new company while president of ad sales for Fox News Channel and Fox Business Network Marianne Gambelli will become president of ad sales for the entire company. The company’s CFO will be Steve Tomsic, who currently serves as Fox’s executive vice president of finance and deputy chief financial officer.
Lachlan Murdoch, who will become chairman and CEO of the new company, made the following statement on the new appointments:
“We are fortunate to be able to continue working with these enormously talented executives who have helped make our businesses the incredible successes they are today. Collectively they bring to Fox the vision, entrepreneurial spirit and proven track records to position Fox to seize future opportunities for its leading and deeply resonant brands across sports, news and entertainment.”
The appointments will take effect upon the close of the sale to Disney, which will see Fox sell its key television, movie, and many general-entertainment cable networks to the House of Mouse. Following the sale, Fox will become a smaller operation that relies on its Fox News operations and sports rights.
The landmark deal still has regulatory hurdles to jump through as EU antitrust regulators have set an October 19 deadline for their ruling on the Walt Disney Company’s bid for Fox’s assets.