Burt, who is currently the paper's motor industry correspondent, was earlier this year named business journalist of the year at the British Press Awards.
He will take up the new position next month and will replace James Harding, who was made Washington bureau chief last month.
Burt will lead a team of six reporters, tasked with providing news and features for the newspaper. His beat will be media in the broadest sense, including the telecoms and IT sectors as well as publishing and film.
Of the challenge, Burt said: 'We have a strong reputation and my role will be to develop that. We need to continue to deliver the best mix of international business stories, breaking news and first-class analysis.'
In terms of what he would be focusing on domestically, Burt named the new Communications Bill, the future of the BBC, and the issue of UK pay-TV.
Away from the UK agenda, he said the team's job was to follow as closely as possible, the 'six to ten global players' that dominate the media industry, such as AOL Time Warner, Sony and News Corporation.
Burt said: 'We will take a forensic approach to the financial and corporate DNA of these companies. We then have to present it to FT readers in an easily understandable and authoritative style.'
Burt has been covering the motor industry for three years and before that was the FT's Nordic correspondent, reporting on political and economic affairs from Stockholm.
Prior to that he followed mergers and acquisitions in the engineering industry.
He joined the FT in 1989 having started his career on the Mexico City News.
The FT's weekly Creative Business section will continue to be edited separately but will carry contributions from Burt's team.