Rupert Murdoch's eldest son, Lachlan, been promoted to the role of non-executive co-chairman on the News Corp board. It means that the two will work alongside each other.

Murdoch, the executive chairman, described the appointment as "recognition of Lachlan's entrepreneurial leadership and passion for news, digital media and sport."

He said in a statement accompanying the announcement: "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."

And News Corp's chief executive, Robert Thomson, weighed in with more praise for the 42-year-old who resigned from his previous executive positions at News Corp in 2005.

"I've had the pleasure of knowing and working with Lachlan for a number of years, and I'm delighted he'll be serving in this elevated capacity," said Thomson.

"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."

As for Lachlan, who has been a director for some time, he said he was "grateful" to the board for "this exciting opportunity" and that he was "looking forward to working more closely than ever" with his father.

He said: "News Corp today has the energy and sensibility of a start-up and is at the cutting edge of change in the media, publishing and education industries, and much more."

Lachlan is also a director of 21st Century Fox and executive Chairman of two other companies - NOVA Entertainment Group and the investment group Illyria, which he founded after quitting News Corp in 2005.

News Corp and 21st Century Fox have been separate entities since July 2013. The former is the publishing company that owns the UK newspapers, The Times, Sunday Times and the Sun.

Source: News Corp press release