SYDNEY, March 27 (Xinhua) -- Lachlan Murdoch, the son of media mogul Rupert Murdoch, has been appointed as co-chairman of News Corp and 21st Century Fox, local media reported Thursday.
The appointment was announced Wednesday by News Corp Chairman Rupert Murdoch.
"Lachlan is a strategic and talented executive with a rich knowledge of our businesses," Rupert Murdoch said in a statement.
The 42-year-old returns to the leadership role at News Corp after resigning from a senior role at the company almost a decade ago.
On Wednesday, Lachlan Murdoch announced his decision to retire as Australia's Ten Network Chairman because of his new appointment.
Ten said Lachlan Murdoch retains his commitment to Ten Network through continuing to hold his 8.8 percent shareholding in the company.
Morningstar media analyst Tim Montague-Jones said Lachlan is the person who will potentially take the helm of News Corp and Fox when his father Rupert steps down.
"He probably will end up with it, but the media space is a very tricky sphere and there's been a few others that may have been a bit more savvy," he told the Australian Associated Press (AAP).
There are speculations that Ten Network may be a potential takeover target for News Corp.
However, News Corp has declined to comment on whether it is interested in acquiring Ten, reports said.