Lachlan Murdoch will serve as chairman and chief executive of the "New Fox", to be formed after the proposed sale of most of 21st Century Fox's film and TV assets to Disney, with Rupert Murdoch serving as co-chairman of new company alongside his son.
Lachlan said: "We have worked through the winter 'standing up" a reimagined independent Fox.
Lachlan Murdoch is set to be the new chief executive officer (CEO) and chairman at Fox following its anticipated $66bn (£49bn) deal with Disney it was announced today.
James Murdoch, Lachlan's 45-year-old brother, now helms Fox.
21st Century Fox has unveiled the executive structure of the proposed "New Fox" group in the U.S., which will be formed if a proposed buyout of its other assets by Disney goes ahead.
Sky chairman James, 45, will not be involved in running a much smaller US-only company focused on news and sport.
There was no mention of him in either his brother or father's comments on the new leadership structure on Wednesday. "The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities", said Lachlan Murdoch. He's expected to move on after the deal with Disney is completed, pursuing his interests in areas such as technology investments.
"The new Fox will begin as the only media company exclusively focused on the domestic market; focused on what Americans love best - sports, news and entertainment, built and delivered for a USA audience", said Rupert Murdoch. In this role, he works directly with the company's senior management and board of directors in developing global strategies and setting the overall corporate vision.