The shift in leadership comes after last December's announcement that the Walt Disney Company plans to acquire many 21st Century Fox assets in a $52.4 billion deal, which is now pending approval - though rival media giant Comcast has threatened to derail the merger.
James Murdoch, Lachlan's 45-year-old brother, now helms Fox.
John Nallen, Fox's current chief financial officer, will assume a broader role as chief operating officer.
The new Fox will include Fox News Channel, Fox Business Network, Fox Broadcasting Co., Fox Sports, Fox Television Group and cable sports channels. He is expected to leave the company.
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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. I also like to think, and again I don't know anything, I'm not an executive over there, but I like to think that the acquisition of Fox, by whether be it Comcast, Disney, or Myspace for fuck's sakes, I like to think that whoever buys Fox is buying it to keep intact, and to allow it to be its own entity. Time Warner, CNN's parent company, also owns a 10% stake.
"New" Fox has named its senior leadership team.
There was no mention of Lachlan's brother James Murdoch in the Wednesday morning memo. It's no huge surprise that Lachlan Murdoch will serve as chairman and CEO. And media observers have long debated which of his sons would ultimately inherit their father's company. But that began to change after Lachlan rejoined the business almost a decade later. While that latter portion of 21st Century Fox would end up as part of the Walt Disney Company should the deal be approved; the former asset is, as we said before, part of that list of "new" Fox properties. Some of Fox News' most-watched shows are also pro-Trump.
The widely expected move comes as Fox tries to complete the Disney deal, which involves selling about $US52 billion ($65 billion) of entertainment assets. But the Wall Street Journal reported last week that James would not join Disney, and instead would likely start a venture capital fund.