Lachlan Murdoch set to become chairman and CEO of 'New Fox'

New York City

"We have worked through the winter "standing up" a reimagined independent Fox".

The executive will assume both the CEO and chairman jobs at the company, which is being referred to as New Fox.

21st Century Fox has unveiled the executive structure of the proposed "New Fox" group in the United States, which will be formed if a proposed buyout of its other assets by Disney goes ahead. He is expected to leave the company.

There was no mention of him in either his brother or father's comments on the new leadership structure on Wednesday. Fox Entertainment Group chairmen and CEOs Dana Walden and Gary Newman are in advanced negotiations for a one-year contract extension to steer the division until the sale is finalized, sources say.

The new Fox will include Fox News Channel, Fox Business Network, Fox Broadcasting Co., Fox Sports, Fox Television Group and cable sports channels.

James Murdoch, Lachlan's 45-year-old brother, now helms Fox.

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. 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.

Its brands will include Fox News, Fox Business and Fox Sports.

Nallen has been at his current post since as Senior Executive Vice President and Chief Financial Officer for 21st Century Fox since 2013 and oversees all of the company's financial aspects, including capital market and merger and acquisition transactions.

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