21st Century Fox Executive Chairman Lachlan Murdoch will become chairman and CEO in a proposed reorganizational process involving Fox and The Walt Disney Co., pending approval by regulatory agencies and shareholders.

Additionally, the company revealed, Rupert Murdoch is slated to serve as co-chairman with Lachlan Murdoch; and current Chief Finance Officer John Nallen will take the reins as new chief operating officer, widening his existing responsibilities.

All three leaders expressed optimism about streamlining the network’s focus; both Lachlan Murdoch and Rupert Murdoch spoke highly of the organization’s enduring strength and ability to leverage the best of American entertainment preferences, while Nallen observed the potential for reimagining Fox’s future direction.

"The opportunity to reshape a business strategy and an operational approach uniquely tailored to the new Fox is truly compelling," Nallen said.

Lachlan Murdoch has been with 21st Century Fox since 2000 in various executive roles, additionally serving as publisher of the New York Post and spearheading a dramatic growth spurt for that newspaper. Nallen came on board almost 25 years ago, having previously worked in Arthur Andersen’s media and entertainment sector.

"We have worked through the winter 'standing up' a reimagined independent Fox,” Lachlan Murdoch said. The newly organized Fox will continue to serve nine out of the nation’s top 10 largest metropolitan areas.