After the ouster of former Chairman and CEO Roger Ailes from the ranks at Fox News, weeks of speculation have led to an announcement moments ago from Rupert Murdoch about the direction of the network moving forward.
Jack Abernethy and Bill Shine have been named as co-Presidents, both reporting directly to Murdoch, the executive chairman of 21 Century Fox and executive chairman of FOX News. Suzanne Scott has been promoted to Executive Vice President of Programming, while CFO Mark Kranz will retire.
The announcement reads in part:
In their new roles as Co-Presidents of FOX News Channel (FNC) and FOX Business Network (FBN), Mr. Abernethy and Mr. Shine will divide responsibilities for all facets of the networks. While continuing to run FOX Television Stations (FTS), Mr. Abernethy will oversee all business components of FNC and FBN including finance, advertising sales and distribution units. Mr. Shine will run all programming and news functions of each network, including production, technical operations and talent management. Shine will continue to oversee all strategic planning throughout the current election season, including election night.
In making the announcement, Mr. Murdoch said, “Jack was integral to the launch and success of FOX News nearly 20 years ago and we’re delighted he’s returning to take on this additional role. As we continue to benefit from his strong leadership of Fox Television Stations, his strategic vision and deep knowledge of the cable news business will ensure continued growth of FOX News and FOX Business Network for generations to come.”
Murdoch praised Krantz, continuing ” Over his 19 years with FOX News, Mark Kranz was instrumental in increasing profitability across all of our key properties. We are grateful for his many contributions to the company and we extend our best wishes to him as he embarks on a new chapter.”
The media magnate continued, “While this has been a time of great transition, there has never been a greater opportunity for FOX News and FOX Business to better serve and expand their audiences. Together with our worldwide team of dedicated professionals, we are the most influential and powerful brand in television.”
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