Family drama alert! Lachlan Murdoch, son of and heir-apparent to media scion Rupert Murdoch , has resigned his position as deputy COO of the Fox-and-Post-owning News Corp, effective at the end of August. This means that younger brother (and more under-the-radar) James Murdoch, the head of UK stellite outfit BSkyB, is now poised to step into the top spot when the 74-year old Rupert steps down.

According to The Guardian, Rupert was very "saddened" to see Lachlan, 33, go. Wonder what the conversation around the dinner table was like around that. The NYC-based Lachlan plans to head back to Australia with his wife, Aussie model Sarah O'Hare (who did some very good pratfalls in that movie about models with Freddie Prinze Jr.) and their son, Kalan.

Murdoch has six children, with three involved in the family business; his daughter, Elisabeth, lives in London and is responsible for scouting out "American Idol." Clay Aiken, say thank you.

Lachlan will remain a director of News Corp and will continue to advise the company in various areas (presumably newspapers, where James doesn't have much expertise). No word on what Lachlan will be doing back in Australia, although who knows what may be - his dad started News Corp from the bud of The Adelaide News, bequeathed to him by his father. And he wasn't starting out with Lachlan's salary of $1.8 million (with a $2.34 million bonus) last year.

In the meantime, we will bring you all the speculation on the Murdoch succession as it happens. For now, we wish Lachlan, Sarah and Kalan - the family with the most "A"s in it ever - the best of luck back down under. Wear sunscreen.

Lachlan Murdoch resigns from News Corp [Guardian]
Murdoch heir quits [The Age]

Background:
That old succession [The Age]

Update:
Lachlan's Farewell Note to News Corp Staff [MediaMob]