Current Executive Chairman Lachlan Murdoch will be Chairman and CEO at New Fox, and Rupert Murdoch will serve as co-chairman. John Nallen, now Fox's chief financial officer, will take on the expanded role of chief operating officer.
The company remaining after selling the media assets will contain Fox News, Fox Business, Fox Broadcasting, Fox Sports, the TV stations group and cable sports networks including FS1, FS2, Fox Deportes and Big Ten Network.
The plan announced previous year, which remains subject to regulatory approval, would give Disney the vaunted Fox Hollywood film and television studios, cable entertainment networks and worldwide TV businesses.
The younger son, who now serves as chairman of Fox as well as the UK's Sky, had been expected to take up a senior position at Disney.
Rupert Murdoch, 87, has spent decades as one of the world's most influential media moguls.
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After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James. "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".
Some earlier reports said James Murdoch might move to Disney following the deal.
The Murdochs are expected to spearhead the new, slimmer Fox once the deal shakes out.
Rupert Murdoch will serve as co-chairman of the new Fox, alongside Lachlan.
Rupert Murdoch said Fox will be the only media company exclusively focused on the U.S. market and "on what America loves best-sports, news and entertainment".
In 2013, Fox was separated from Murdoch's News Corp., which retained newspaper operations in the US, Britain and Australia. But the Wall Street Journal reported last week that James would not join Disney, and instead would likely start a venture capital fund.