The new Fox company will be without 21st Century Fox's film and television studios, entertainment cable channels, a stake in streaming service Hulu and regional sports networks.
Fox agreed past year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal.
John Nallen, who now serves as chief financial officer of 21st Century Fox, will move into the role of chief operating officer of New Fox, while Rupert Murdoch will serve as co-chairman of the new company.
The formal annointment of Lachlan Murdoch comes as younger brother James Murdoch, 45, is reported to be looking at starting a venture capital fund to invest in digital and global media businesses once the $52.4bn Fox-Disney deal is completed.
The position of current 21st Century Fox CEO James Murdoch, younger brother of Lachlan Murdoch, is unclear.
John Nallen, who previously served as chief operating officer of 21st Century Fox, will now serve in the same role at the new company.
After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James.
Rupert Murdoch is one of the most powerful and influential media figures in the industry.
The Disney purchase is still pending approval from shareholders and regulators, and recent news has cast the fate of the Fox assets in doubt. Though the Disney deal gives his son less territory to command, it still includes significant sports, entertainment and news assets. Speculation about James at the time of the deal centered on a possible role at Disney, where CEO Bob Iger's contract had been slated to end in 2019, and an heir apparent was not in place.
Rupert Murdoch said Fox will be the only media company exclusively focused on the United States market and "on what America loves best-sports, news and entertainment".
Lachlan Murdoch has been Fox's executive chairman since 2015.
Rupert Murdoch will serve as co-chairman of the new Fox, alongside Lachlan. But Comcast submitted a higher bid for the business last month.
UPDATE 9:35 a.m.: Lee County Sheriff's Office has just sent a release saying the school has been evacuated. The officer, whose identity had not yet been released, was hailed as a hero for stopping the shooter.
Many of you may remember the character from The Phantom Menace , he can be seen sitting next to Watto during the podrace scene. This can be used in your favor as a storyteller but instead it just made it hard to decide if I liked her or not.
Meanwhile, NAIJ.com had earlier reported about Neymar's frustrations concerning the rumours surrounding his future with PSG. "I would say to him: "It is not because I made these statements that I have no regard for you".
For now, at least, Google opted for the temporary solution of excluding Web Audio API content from Chrome's autoplay policy. Google now plans on re-introducing the restrictions in Chrome 70, but the Chrome team is looking into other options as well.
For its TV offering, Amazon Prime, Netflix and Sky TV's Now TV content will be made available on BT's platform. EE is also showcasing a prototype for a new category of converged broadband - EE Hybrid Broadband technology.
The draft accord is likely to cause concern in Brussels and at European Central Bank headquarters in Frankfurt. In particular, it had been decided "not to call into question the single currency", they said.
During the quarter, Macy's also made $24 million in gains on real estate sales and spent $19 million winding down Macy's China. The retailer's 4.2 per cent rise in same-store sales in the first quarter easily topped Wall Street's 1.4 per cent estimate .
The East Coast was a successful public company between 2009 and 2014 returning over £1 billion to the Treasury. In February Grayling admitted the beleaguered East Coast mainline rail franchise had collapsed .
And users will be able to access their local channels, like ABC, CBS, FOX and NBC, when they're away from their home market. The Android enthusiasm started with the original Motorola Droid, but the tech enthusiasm now covers just about everything.
It is based on a recent report that claimed the American tech giant Google harvests large amounts of data from Android devices. Oracle is also reported to have suggested to the ACCC that Google could also be accessing location data from the handsets.
Kellogg's latest U.S. brand to close door on Venezuela
The Battle Creek, Michigan-based company had already changed the way it counted results from that operation at the end of 2016. Authorities in Venezuela have seized a plant owned by the American cereal manufacturer Kellogg.
Marcus Smart calls out JR Smith after Game 2
Not only is he arguably the world's most avid celebrity golfer , he might love the game we love more than anyone on this planet. You keep letting a bully keep picking on you, he's gonna keep picking on you until you finally stand up.
AI-powered Google News app now available on iOS App Store
Google said last week that it plans to offer over 1,0000 magazine titles you can follow by tapping a star icon or subscribing to. In the app, the " For You " tab houses a rundown of stories that Google thinks you'll be interested in.
BSNL rolls out Rs 118 prepaid plan to take on Reliance Jio
And of course, once the limits are exhausted, the customers will be charged at the standard rates (10 paise per minute). Other telecom companies like Airtel and Idea Cellular are also offering some similar plans of Rs 99 and Rs 109.