Rupert Murdoch, the man who has served for 35 years as the CEO of one of the world’s most powerful media companies, is preparing to step down and hand control of 21st Century Fox to his son James, CNBC reported Thursday.
Rupert, 84, will continue to serve as the executive chairman of Fox. He will pass CEO duties to James, 42, and make his other son Lachlan, 43, an executive co-chairman of the company. 21st Century Fox Chief Operating Officer Chase Carey will also step down, according to CNBC, though it’s unclear whether he will take on a new role within the company or exercise his right to an early release from this contract. The moves are likely to be put in motion early next year.
As CEO, James Murdoch will take over the day-to-day management of Fox, working in tandem with both his father and his older brother, the report states. James recently spearheaded the search for the company’s new headquarters at Two World Trade Center.
The handover of power to James has been expected for some time. In 2013, James and Lachlan were elected as directors of Fox, and James was named co-COO last year. James gave up his position at BskyB after a hacking scandal embroiled the company and led to the closure of the tabloid News of the World.
The Murdochs’ $75-billion empire, which includes television channels and news properties around the globe, was split into two companies in 2013: 21st Century Fox, which includes the television and entertainment units, and News Corp., which includes the newspapers and publishing units.