Rupert Murdoch, the 84-year-old founder of the media giant now known as 21st Century Fox Inc., is preparing to step down as the company’s CEO, Bloomberg reports.
Murdoch will hand over his title to his son James Murdoch, the story reports, citing an unnamed source who’s familiar with the situation.
Rupert Murdoch “will remain chairman, said the person, who asked not to be named because the deliberations aren’t public,” the story reports. “The changes will include the appointment of another son, Lachlan Murdoch, 43, to the role of co-executive chairman.”
In a statement, Fox said simply: “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.”
James Murdoch, 42, currently holds the title of co-chief operating officer, along with Chase Carey, the report notes, adding that Carey is expected to remain in an advisory role.
Rupert Murdoch is expected to continue to drive the company’s strategy, the piece notes.
The vast media holdings of 21st Century Fox include television assets Fox Broadcasting, 20th Century Fox Television, Fox News Group — including Fox News Channel — FX Networks and Fox Television Stations, along with film assets including 20th Century Fox.