21st Century Fox Inc.’s Lachlan Murdoch, the eldest son of media magnate Rupert Murdoch, plans to take the helm of the remaining business in the wake of a proposed deal to sell most of its entertainment assets to Walt Disney Co.

The executive will assume both the CEO and chairman jobs at the company, which is being referred to as New Fox. Rupert Murdoch will become co-chairman alongside his son. John Nallen, currently Fox’s chief financial officer, will take on the expanded role of chief operating officer.

The widely expected move comes as Fox tries to complete the Disney deal, which involves selling about $52 billion of entertainment assets. But the matter may not be settled. Comcast Corp., the largest U.S. cable channel, is said to be preparing financing for a potential counterbid for the Fox operations.

Fox is preparing for a future without its film and TV studios, as well as cable channels such as FX and National Geographic. It looks to focus on Fox News, cable sports networks and local TV. Toward that end, it agreed to acquire seven stations from Sinclair Broadcast Group this month.

Rupert Murdoch, 87, has spent decades as one of the world’s most influential media moguls. The future of his vast holdings has long been debated within the industry.

Lachlan Murdoch has been Fox’s executive chairman since 2015.

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