Lachlan Murdoch, a son of 21st Century Fox Executive Chairman Rupert Murdoch, has been named chairman and CEO of New Fox, which will launch after 21st Century Fox sells a considerable amount of its TV and entertainment holdings to Walt Disney Co.
The elder Murdoch will serve as co-chairman.
"We have worked through the winter "standing up" a reimagined independent Fox", Lachlan Murdoch, 46, said in a statement.
Fox is now trying to sell off $52 billion of TV and entertainment assets, and once the deal is finalized, the resulting company will be lead by Rupert Murdoch and his son. John Nallen, now Fox's chief financial officer, will take on the expanded role of chief operating officer.
The position of current 21st Century Fox CEO James Murdoch, younger brother of Lachlan Murdoch, is unclear.
Under the plan, 87-year-old Rupert Murdoch would be co-chairman of the streamlined media group.
The company remaining after selling the media assets will contain Fox News, Fox Business, Fox Broadcasting, Fox Sports, the TV stations group and cable sports networks including FS1, FS2, Fox Deportes and Big Ten Network.
As news of the Disney-Fox deal began to cement last December, there were reports that James could move to Disney in a senior role after the Disney acquisition.
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.
The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out.
"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 US audience", said Rupert Murdoch, 87, on Wednesday.
In 2013, Fox was separated from Murdoch's News Corp., which retained newspaper operations in the US, Britain and Australia.