Rupert Murdoch to step down as CEO of 21st Century Fox

Chief executive officer of 21st Century Fox Inc., Rupert Murdoch, will step down and will allow his son James to take over his post at the $70bn media empire.

The 84-year-old media mogul will remain chairman and another son, Lachlan, will start to work as the co-executive chairman.

“Mr. Murdoch will continue to be the executive chairman of Fox, while his son Lachlan would also become an executive co-chairman of the company…while James Murdoch would take over the day-to-day management of Fox, he will work in tandem with his 43-year-old brother Lachlan and his father,” a company spokesperson told CNBC.

“The matter of succession is on the board of director’s agenda at its next regularly scheduled meeting,” the spokesperson stated.

Murdoch "really wants his boys to run the company together," another source close to Murdoch said.

The Murdoch family control Fox through a family trust as well as News Corp, the owner of the Wall Street Journal. The media empire owns film, cable and broadcast businesses.

According to observers, it has been clear that James Murdoch would end up as CEO of 21st, but not his brother as he has shown less interest in a day-to-day role running the corporation.

While James Murdoch will remain in New York, Lachlan, who is currently in Australia, will probably move to Los Angeles, according to sources.

21st Century Fox has holdings such as the Fox News Channel, Fox Sports and the 20th Century Fox movie studio.

AT/AT

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk