The deal sells off Fox's TV and Entertainment sections, leaving the company to focus exclusively on its news and media divisions which will include Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network. The blockbuster $52 billion deal, which was announced in December, vastly reduces the Fox media empire built by Rupert Murdoch, leaving him and his family a more tightly focused group.
Sky chairman James, 45, will not be involved in running a much smaller US-only company focused on news and sport.
"The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities".
The new Fox would included Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks.
Comcast, the largest United States cable channel, is said to be preparing financing for a potential counterbid for the Fox operations.
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Lachlan and his father 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.
Prior to the Disney bid Fox had made an approach to acquire the 59 per cent of Sky it did not already own, however that deal has been repeatedly held up by United Kingdom regulators over fears it would undermine media plurality. Comcast Corp., the largest US cable channel, is said to be preparing financing for a potential counterbid for the Fox operations.
In 2013, Fox was separated from Murdoch's News Corp., which retained newspaper operations in the US, Britain and Australia.
The maker of Family Guy and The Simpsons confirmed the operations of the "New Fox" due to be formed by the sale of its film and television studios, and a clutch of global assets including Sky, will be led by 46-year-old Lachlan.
"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", said Nallen.