Insiders to run Fox
A new future awaits 21st Century Fox (FOX) after it closes the pending sale of most of its operations to the Walt Disney Company (DIS). First, the company will simply go by the name “Fox” after the transaction closes.
Fox recently unveiled a nearly complete list of the executive team that will run its affairs once the Disney transaction is complete. At the helm as CEO of Fox will be Lachlan Murdoch, one of the sons of media mogul Rupert Murdoch, whose family controls the present-day 21st Century Fox as well as News Corporation.
Fox will mostly be run by current insiders. Steve Tomsic, currently deputy CFO of 21st Century Fox, will transition into a full position as CFO of Fox. For its legal and policy affairs, Fox has put Viet Dinh in charge. Dinh is a longtime board member of 21st Century Fox.
Emphasis on news and sports
Marianne Gambelli, currently head of advertising sales for Fox News Channel and Fox Business Network, will become the overall head of advertising sales for Fox. Eric Shanks, currently executive producer for Fox Sports, is taking up the role of CEO of Fox Sports. Mike Biard, currently head of distribution for Fox Networks Group, will serve as overall head of distribution for Fox. The promotions of Gambelli, Shanks, and Biard highlight where Fox’s heart is: news and sports programming.
$7.8 billion in advertising sales
Fox’s advertising revenue was $7.8 billion in fiscal 2018, which ended on June 30. The amount accounted for 25.7% of its overall revenue. At Alphabet (GOOGL), Facebook (FB), and Twitter (TWTR), some of the technology companies battling traditional media companies for advertising dollars, advertising sales typically account for over 80% of overall revenue.