Fox on track to close Disney deal
The New Fox has settled on an insider to run its legal affairs. The company has named longtime 21st Century Fox (FOXA)(FOX) board member Viet Dinh as its chief legal and policy officer. New Fox is the tentative name of the company that would remain after 21st Century Fox completes the sale of most of its entertainment operations to Walt Disney (DIS) for $71.3 billion.
Dinh has served on the board of 21st Century Fox for 15 years. Disney is on track to close the Fox deal, as it has won regulatory clearance in the United States and has sought approval from European Union regulators.
Sports and news to be New Fox’s core focus
Lachlan Murdoch, one of Rupert Murdoch’s sons, is expected to become the CEO of New Fox. He said the appointment of Dinh as the chief legal officer would benefit the company with a unique strategic mind.
Sports and news programming are expected to be the core focus areas of the New Fox. The company owns the media rights to several major sports franchises, including the National Football League.
Fox turned a $920 million profit in the latest quarter
Fox posted a net profit of $920.0 million on revenues of $7.9 billion in its fiscal fourth quarter, which ended in June. Fox’s revenues was up 17.7% YoY (year-over-year) in the June quarter. This outpaced revenue growth of 2.1% YoY at Comcast (CMCSA) and revenue growth of 4.8% YoY at Charter Communications (CHTR) in the same period. Dish Network (DISH) and AT&T (T) recorded respective revenue declines of 2.1% and 5.0% YoY in the June quarter.