Lachlan Murdoch will be chairman and his father Rupert Murdoch will be co-chairman of "New Fox", the company that will consist of the 21st Century Fox assets that Disney is not buying, including the Fox News Channel and Fox broadcast network, while Lachlan also will run the entity as its CEO. His son James, who was not mentioned in the press release, is expected to leave the company.
"We have worked through the winter "standing up" a reimagined independent Fox", said Lachlan Murdoch in a statement.
The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said.
The elder Murdoch will serve as co-chairman.
21st Century Fox chief financial officer John Nallen will take a broader position as chief operating officer, but no role for the group's current president, Peter Rice, was included in today's announcement.
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.
Lachlan Murdoch will replace his brother James as the CEO and chairman of Fox if its $52.4billion deal with Walt Disney Inc goes through.
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He also suggested the European Union owes Trump a debt of gratitude for helping Europe to drop " all illusions ". Meanwhile the European Union is still trying to win exemptions from tariffs on steel and aluminium exports.
Fox agreed previous year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal.
The New Fox will revolve squarely around TV assets including the Fox Broadcasting Co. network and its TV station group, and the Fox News and Fox Sports operations.
Further complicating matters U.S. 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.
In recent months, James has distanced himself from the politics espoused by his father and the company's flagship channel, Fox News.
"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling", Nallen added.
Rupert Murdoch added: "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". "I look forward to joining Lachlan as we begin to establish new Fox".