Lachlan Murdoch to serve as chairman, CEO of New Fox

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Lachlan Murdoch has served as executive chairman of 21st Century Fox since 2015.

"We have worked through the winter "standing up" a reimagined independent Fox", said Lachlan Murdoch in a statement. "The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities", said Lachlan Murdoch.

The shift marks an actual and symbolic shift in the Murdoch empire, that has always been roiled by questions of succession.

That leaves the newly formed Fox with Fox News Channel; Fox Business Network; Fox Broadcasting Company; Fox Sports; Fox Television Stations Group; and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.

Fox CEO James Murdoch isn't mentioned as part New Fox's leadership but is widely expected to leave Fox to do his own thing. Fox's film and entertainment franchises, which include "The Simpsons", "X-Men" and "Avatar", will be owned by Disney. Speculation about James at the time of the deal centered on a possible role at Disney, where CEO Bob Iger's contract had been slated to end in 2019, and an heir apparent was not in place.

After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James. His share of the Fox-Disney mega-deal will be worth roughly $1bn.

Its brands will include Fox News, Fox Business and Fox Sports.

But the creation of the new company could be more than a year away as USA regulators must first work their way through AT&T's $85bn bid for Time Warner. 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.

In recent months, James has distanced himself from the politics espoused by his father and the company's flagship channel, Fox News. But that began to change after Lachlan rejoined the business almost a decade later.