Rupert Murdoch will remain joint chairman.
The Murdoch-controlled conglomerate on Wednesday also said that CFO John Nallen will become COO at New Fox, which also will include the Fox Business Network, Fox Sports, Fox Television Stations Group and more.
Lachlan Murdoch has been executive chairman of 21st century Fox since 2015.
Lachlan's brother James - now Fox's chief executive officer - wasn't mentioned in Wednesday's statement. "The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities", said Lachlan Murdoch, 46.
'I am also personally very pleased that John has agreed to take on the role of Chief Operating Officer, and together 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'.
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Prior to the Disney bid Fox had made an approach to acquire the 59 per cent of Sky it did not already own, however that deal has been repeatedly held up by United Kingdom regulators over fears it would undermine media plurality. The Wall Street Journal reported this month that James will not take a position with Disney after the Fox acquisition. They are all assets the company said it would keep after striking a $52 billion-deal late previous year with Disney for its major TV and film divisions, which include cable channels FX and National Geographic.
The new Fox, which depends on approval from regulators and shareholders, will mostly be focused on U.S. news and sport broadcasting.
Further complicating matters USA media company Comcast launched its own £22bn for Sky in April, which caused Sky to withdraw its recommendation to its shareholders to accept the previous Fox offer.
The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out.
"New" Fox has named its senior leadership team.
"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", said Nallen.