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Lachlan Murdoch to be Chairman CEO of New Fox

21st Century Fox said that Lachlan Murdoch will be chairman and CEO of the new Fox when it sells asset to the Walt Disney Co.

Rupert Murdoch will be co-chairman of the company, which will be focused on live news and sports.

21st Century Fox CFO John Nallen will be chief operating officer of the new company.

Related: Fox Offers to Sell Sky News to Disney to Satisfy Regulators

"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," said Lachlan Murdoch. "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."

"The new Fox will begin as the only media company solely focused on the domestic market; focused on what Americans love best – sports, news and entertainment, built and delivered for a US audience," said Rupert Murdoch.