Rubert Murdoch, 84, is reportedly planning to step down as CEO of 21st Century Fox.
According to CNBC, Murdoch will be handing over control of his media empire to his son James, but he will be staying on as executive chairman. The official announcement will likely take place in the near term, but it’s unclear whether the reorganization will take place this year or in 2016.
Murdoch’s son Lachlan will also serve as executive chairman, so while James will be taking over day-to-day management of the empire, the three Murdochs will be working together and their new roles are being described as a “partnership.”
The Fox restructuring will also involve COO Chase Carey stepping down and taking on an undefined role as an advisor to the company.
Through the Murdoch Family Trust, Rupert Murdoch controls 39.4% of the voting shares at Fox. While his daily duties are not expected to change, this clearly shows that the next generation of Murdochs is taking over.
We’ll update you on this developing story as soon as we know more.