Rupert Murdoch, the 84-year-old chief executive of Twenty-First Century Fox, is preparing to step down and name his son James as successor at the entertainment conglomerate behind Fox News and the studio that makes 'X-Men' movies, CNBC and Bloomberg reported yesterday.
The elder Murdoch would stay on as chairman, according to CNBC. James Murdoch would work in tandem with his 43-year-old brother Lachlan in a "partnership," the CNBC report said, adding that Rupert would still have the final say in whatever goes on at Fox.
It was unclear whether the reorganisation would take place this year or at the start of 2016, CNBC said.
The next Fox board meeting will discuss the matter of succession, the company said.