Lachlan Murdoch will run father's empire after Disney deal, Fox says

New Fox to be turned over to new management after selling most of its assets to Disney

James, younger son of the media tycoon Rupert Murdoch, decided months ago that he will pursue an opportunity of his own after quitting Fox, a source familiar with the matter told the news agency on Wednesday.

James Murdoch will leave 21st Century Fox after most of its assets are sold to Disney, handing executive responsibilities to his elder brother Lachlan.

His older brother Lachlan Murdoch will be chairman and CEO, with father Rupert becoming co-chairman.

21st Century Fox has unveiled the executive structure of the proposed "New Fox" group in the USA, which will be formed if a proposed buyout of its other assets by Disney goes ahead.

The next phase is expected to take place in the summer when shareholders will be asked for their approval of the sell-off.

Media baron Rupert Murdoch will act as co-chairman at the new company while John Nallen, 21st Century Fox's chief financial officer, will take the role of Fox's chief operating officer.

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It will own broadcasting rights to the National Football League (NFL), Major League Baseball, the football world cup and motor sport brand Nascar. 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.

"We have worked through the winter "standing up" a reimagined independent Fox", said Lachlan Murdoch in a statement.

Rupert Murdoch said Fox will be the only media company exclusively focused on the United States market and "on what America loves best-sports, news and entertainment".

"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", said John Nallen.

"We look forward to making further announcements as to the management and structure of this new Fox as we get closer to closing our proposed transaction with Disney". It looks to become a leaner business focused on Fox News, cable sports networks and local TV. He is also co-chairman with his father of News Corp, home of the family's newspaper holdings.

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