Lachlan and Rupert Murdoch to lead new 'Fox'

Rupert Murdoch and his son Lachlan will lead the new "Fox".

Lachlan, will serve as chairman and chief executive officer, while Rupert Murdoch, company founder, will serve as co-chairman, according to a statement from parent company 21st Century Fox.

The new Fox,  which will be formed after shareholder and regulatory approval of the proposed $52 billion purchase of certain 21st Century Fox assets by The Walt Disney Company.  Those marquee assets include 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.

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“There’s only must-see Fox News and must see FOX Business,” said Murdoch, Executive Chairman of 21st Century Fox during an interview on FOX Business’ “Mornings with Maria” last December after the deal was announced. “The new Fox will have Fox News, FOX Business, Fox Broadcasting, Fox Sports, but the point is it will have a cash flow of at least $2 billion a year,” he explained, adding he can use that money to build another business. “We can see expanding that and taking other opportunities and building another great company.”

Following the leadership announcement Lachlan, in a statement, said: "We have worked through the winter 'standing up' a reimagined independent Fox. The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities."

John Nallen, 21st Century Fox’s chief financial officer, will take a broader role as new Fox's chief operating officer and will work closely with Lachlan.

"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," he said.

21st Century Fox is the parent company of FOX Business and Fox News.