Elisabeth Murdoch is to leave her father Rupert's media empire to set up her own television and film business.
Her departure follows a high-profile battle with her two brothers, Lachlan and James, to succeed their father at the helm of The News Corporation.
Liz, as she is known, was seen as coming last in the siblings' race, despite being an active managing director of Sky Networks at BSkyB.
One of Ms Murdoch's colleagues said: "Liz has a strong interest in film production, and wants to do her own things in that area. I think she will be very personally involved in the production side, and will have no problems raising money."
A BSkyB spokesman said she would be leaving at the end of next month and "will be setting up her own UK-based venture specialising in television, film and new media content".
Ms Murdoch said: "Now is a great time to pursue something that I have been thinking about for some time." But she would not comment further.
Friends say Ms Murdoch, who is American, is keen toestablish herself in Britain. She has been in the country for four years and both her children attend British schools.Reuse content