James Murdoch will succeed his father Rupert as chief executive officer of 21st Century Fox, the company confirmed on Tuesday.
Company founder Rupert Murdoch will hand over duties on July 1 when he will become executive co-chairman alongside elder son Lachlan.
In a statement Rupert Murdoch said:
It has always been our priority to ensure stable, long-term leadership for the company, and these appointments achieve that goal. Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry.
In a joint statement James and Lachlan described being "humbled" by the "opportunity to lead…this extraordinary company". The company's corporate functions, and global television and film operations will jointly report to the pair.
Current deputy chairman, president and chief operating officer Chase Carey will now take the role of executive vice chairman until June 2016, meaning the company without the senior management from outside the Murdoch family for the first time.
Shares in News Corp, 21st Century Fox's parent company, have fallen by almost two per cent since news that Rupert Murdoch was stepping down broke last week.