James, younger son of the media tycoon Rupert Murdoch, decided months ago that he will pursue an opportunity of his own after quitting Fox, a source familiar with the matter told Reuters on Wednesday.
Lachlan and Rupert Murdoch will serve as co-chairmen of the new Fox, while current Chief Financial Officer John Nallen will also take the role of chief operating officer.
Fox agreed last year to sell the bulk of its film and TV assets to Walt Disney in a $52.4 billion deal. It expects to ask shareholders for approval of the transaction this summer.
The company has declined to comment on reports that Comcast Corp is preparing a rival all-cash offer for the same Fox assets.
The new Fox will house assets including Fox News, Fox Business Network and sports cable networks, the company said.
James Murdoch currently serves as chairman of Sky PLC, where he was earlier forced out for four years after a phone-hacking scandal.
(Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D'Silva and Saumyadeb Chakrabarty)
By Munsif Vengattil
