The deal sells off Fox's TV and Entertainment sections, leaving the company to focus exclusively on its news and media divisions which will include Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.
On Thursday, Fox News has also named Jay Wallace as its executive editor and president.
James Murdoch, Lachlan's 45-year-old brother, now helms Fox. "Her vision and innovation have helped create some of the most popular and lucrative primetime programs on cable and as we embark on the era of the proposed New Fox, I am confident that Suzanne's leadership will ensure the dominance of both Fox News and FBN for years to come".
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".
Fox also said that John Nallen, CFO, will take a bigger role at new Fox as COO.More news: US Senates get enough votes to progress on net neutrality
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There was no mention of Lachlan's brother James Murdoch in the Wednesday morning memo.
Rupert Murdoch is one of the most powerful and influential media figures in the industry.
After Lachlan Murdoch essentially left the family media empire in 2005, the answer appeared to be James.
He returned to the family business in 2014, after an abrupt departure almost a decade earlier.
The Wall Street Journal, which is owned by News Corp, has reported that James Murdoch plans to strike out on his own, possibly starting a venture capital business. This was notable because his father speaks with Trump often. In the fall of 2017, Scott expanded the network's schedule to provide 20 hours of live programming and is responsible for having more women anchoring and hosting shows on FNC's lineup than any other cable news network. At the time, Fox said it expected the transaction to be completed in 12 to 18 months.