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Rupert Murdoch's eldest son to run downsized 21st Century Fox

Fox News names Suzanne Scott as its first female CEO

John Nallen, 21st Century Fox's chief financial officer, will take a broader role as new Fox's chief operating officer.

Current CFO, John Nallen, will move into the expanded role of COO, the company said in an emailed statement.

Lachlan Murdoch (left) will be CEO of the new Fox company, with his brother James (right) expected to depart.

The deal with Disney, which was announced in December, will see Disney acquire assets such as European satellite TV company Sky, the Twentieth Century Fox film and TV studios, cable network FX, Indian satellite group Star India and a stake in streaming service Hulu.

According to a New York Times report, Murdoch's younger son James Murdoch will leave Fox and strike out on his own post the sale of assets to Disney. Disney also gets a shot at National Geographic, FX and FXX, and even a 30 per cent interest in Hulu, which gives it a controlling stake in the USA streamer.

The new entity will be formed after shareholder and regulatory approval of the proposed transaction between 21CF and Disney.

Celtics humble Cavaliers in National Basketball Association playoff series opener
It was a poor scoring night for the Cavs with J.R Smith, George Hill and Kyle Korver scoring just 14 points between them. Boston doesn't dig deep into its bench and, aside from some garbage time minutes, that was the case again on Sunday.

Fox News separately confirmed on Wednesday that it has reached a settlement with a group of former employees who had filed lawsuits that included allegations of racial and gender discrimination.

Rupert Murdoch is one of the most powerful and influential media figures in the industry.

He says he's excited about leading the "reimagined" and scaled-down business, focused on Fox News, cable sports networks and local TV. And media observers have long debated which of his sons would ultimately inherit their father's company.

In recent months, James has distanced himself from the politics espoused by his father and the company's flagship channel, Fox News. Some of Fox News' most-watched shows are also pro-Trump.

The Wall Street Journal, which is owned by News Corp, has reported that James Murdoch plans to strike out on his own, possibly starting a venture capital business.

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