Fox TV Group chairmen and CEOs Dana Walden and Gary Newman are in advanced negotiations for one-year extensions to their contracts so they can continue to oversee the company through the pending sale of key 21st Century Fox assets to Disney. (Comcast also has reportedly been prepping a possible hostile bid for 21st Century Fox)

Walden and Newman, who unveiled Fox’s fall schedule at the network’s upfront presentation yesterday, had been in talks for extensions over the past couple of months and had committed to stay in place through the transitional period until the sale is finalized. The duo’s current contracts expire this summer, which had put them in play for other high-profile gigs.

Walden and Newman, both 20-year Fox veterans, oversee both Fox Broadcasting Co. and sister studio 20th Century Fox TV, which will be split in the sale, with Fox remaining an unaffiliated network as part of a slimmed down media company, dubbed “New Fox”, and 20th TV moving to Disney.

At the Fox upfront presentation, the two touted the future of post-sale “New Fox.”

“This is an opportunity to chart a new course for broadcast TV,” said  Newman. Added Walden, “We’re positioning our network for the future and not tethering it to the past.”