As expected, 21st Century Fox Inc.'s Executive Chairman Lachlan Murdoch will serve as chairman and CEO at the new "Fox" company that will be created after the company's proposed transaction with Walt Disney Co. receives shareholder and regulatory approval.

Also, Rupert Murdoch will serve as co-chairman of the newly created entity, alongside Lachlan Murdoch; and 21st Century Fox CFO John Nallen will take a broader role as new Fox's COO, the company said May 16.

The new company will house properties such as FOX News Channel (US), FOX Business Network (US), Fox Broadcasting Co., Fox Sports, Fox Television Stations Group, and sports cable networks FOX Sports 1 (US), FOX Sports 2 (US), FOX Deportes (US) and Big Ten Network.

Lachlan Murdoch has served as executive chairman of 21st Century Fox since 2015.

The news comes after a recent media report indicated that Fox CEO James Murdoch will not be part of the newly created entity and is expected to start a venture fund.