James Murdoch will leave 21st Century Fox after most of its assets are sold to Disney, handing executive responsibilities to his elder brother Lachlan.

The maker of Family Guy and The Simpsons confirmed the operations of the “New Fox” due to be formed by the sale of its film and television studios, and a clutch of international assets including Sky, will be led by 46-year-old Lachlan. Rupert Murdoch will remain joint chairman.

Sky chairman James, 45, will not be involved in running a much smaller US-only company focused on news and sport.

The Wall Street Journal, owned by the Murdoch publishing company News Corp, has reported that he intends to set up a venture capital fund to invest in media and technology start-ups.

The three Murdoch men have ruled Fox as a triumvirate for three years, with James as chief executive and Lachlan and Rupert as joint chairmen. The surprise decision to sell most of the company to Disney last year triggered speculation over James’ future in the family business.