Rupert Murdoch has elevated his eldest son Lachlan to the role of News Corp non-executive co-chairman – meaning the two will work alongside each other.
Lachlan Murdoch, who is 42, is currently a director of News Corp and is a former publisher of the New York Post.
His father said: "This appointment is a sign of confidence in the growth potential of News Corp and a recognition of Lachlan's entrepreneurial leadership and passion for news, digital media and sport.
"In this elevated role, Lachlan will help us lead News Corp forward as we expand our reach and invest in new technologies and markets around the world.
"We have many challenges and opportunities ahead, and Lachlan’s strategic thinking and vast knowledge of our businesses will enable me as Executive Chairman and the company as a whole to deliver the best outcomes on behalf of our stockholders, employees and customers."
News Corp chief executive Robert Thomson added:"Lachlan’s experience, acumen and enthusiasm will serve us well as we guide News Corp and its businesses through this era of digital transformation and global expansion.
"His early appreciation of the value of REA, the digital property site that is a jewel in our crown, is an indicator of his prescience and strategic savvy."