Rupert Murdoch is set to step down from his post as CEO at 21st Century Fox, handing the reins and title over to his son James.
The 84-year-old media mogul will continue on as executive chairman of Fox, while other son Lachlan becomes an executive co-chairman, according to a CNBC report. The two brothers are expected to lead in tandem.
Additionally, Chase Carey will step down as chief operating officer, staying on in an advisory role. Carey succeeded Peter Chernin as COO in 2009.
An official announcement is expected soon, though the effective date is still somewhat up in the air. The reorganization could occur this year, or early in 2016.
A 21st Century Fox spokesperson told TheWrap: “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.”
Rupert Murdoch controls 39.4 percent of the voting shares at Fox through the Murdoch Family Trust.
Stock in 21st Century Fox (FOX) slipped just a bit on Thursday following the breaking news. At the time of this writing, (FOX) had slid $0.14 per share, or a mere -0.43 percent.
Here’s Thursday’s trading graph:
Sun Valley 2013: Jeff Bezos, Rupert Murdoch, Sheryl Sandberg Hit the High-Level Conference (Photos)
IAC/InterActiveCorp Chairman Barry Diller and wife and fashion designer Diane von Fürstenberg hit the trails. Aereo, IAC's antennae-based streaming service, was sued this week by an ABC affiliate in Boston, which claims Aereo illegally restransmits its signal.
Facebook COO Sheryl Sandberg, who authored the buzzy best-seller "Lean In" when not cooking up new ways to "like" and "share" the company into greater profits, was almost a bigger draw than her boss, Mark Zuckerberg.
Oh, those Murdoch boys. Rupert Murdoch and sons Lachlan and James took in the scene after new broke that the News Corp. and 21st Century Fox head will testify in British Parliament about recorded remarks he made regarding bribery of police officers by tabloid journalists.
Old and new media collide at Sun Valley. Guess what camp Amazon CEO Jeff Bezos and wife Mackenzie Bezos represent?
Peter Chernin talks during lunch with Victor Koo, president of Chinese internet company Sohu.com, and Brian Roberts, CEO of Comcast. Chernin is one of the top bidders for Hulu, which Comcast owns along with Disney and Fox.
Harvey Weinstein takes a break from feuding with Warner Bros. over rights to "The Butler" title to chat up Jim Wiatt, former CEO of the William Morris Agency.
"Oracle of Omaha" Warren Buffet takes precautions to make sure that the sun -- or the flashbulbs -- don't interfere with his vision.
Viacom CEO Philippe Dauman is on hand to represent the film and television industry and rub elbows with the tech pioneers who are disrupting old business models.
No media titan is being more closely watched at Sun Valley than Liberty Media Chairman John C. Malone, who would very much like to add Time Warner Cable to his empire.
Sony Corp. CEO Kazuo Hirai and his predecessor Howard Stringer hit the conference. The technology giant is trying to swat away suggestions by activist investor Daniel Loeb that it spin-off its entertainment business.
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The captains of Hollywood and Silicon Valley descend on the Idaho resort
IAC/InterActiveCorp Chairman Barry Diller and wife and fashion designer Diane von Fürstenberg hit the trails. Aereo, IAC's antennae-based streaming service, was sued this week by an ABC affiliate in Boston, which claims Aereo illegally restransmits its signal.
