News Corp founder Rupert Murdoch is reportedly making plans to step down as the CEO of 21st Century Fox (FOX). The media mogul is expected to hand over the media and entertainment company to his son James.
“The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting,” 21ST Century Fox confirmed in a statement.
Murdoch, 84, is the CEO and controlling shareholder of 21st Century Fox, which was created in 2013 when News Corp. (NWS) divided its holdings between its print properties, including Dow Jones and the Wall Street Journal, and its digital and television properties, which features the Fox News Network.
An announcement could be made before the end of the year or early in 2016.
While he will no longer serve as the CEO, Murdoch will still remain as the company’s executive chairman. His son Lachlan will also be named as an executive co-chairman for the company.