Rupert Murdoch is preparing to hand over the CEO job at 21st Century Fox to his son James, according to multiple media reports.
James Murdoch, 42, is the company's co-chief operating officer. His brother Lachlan, 43, currently non-executive co-chairman at Fox, will become executive co-chairman along with his father, according to the reports.
Fox News reported the pending move in a story attributed to Rupert Murdoch on its website.
Rupert Murdoch, 84, one of the world's most powerful media barons, is also the chairman and controlling shareholder of the company behind Fox News Channel, Fox broadcast network and the 20th Century Fox movie studio, through a family trust that owns shares.
Mr Murdoch's company started with a single newspaper in his native Australia. He grew it across many media platforms in the UK, the US, Germany, Italy and India.
He is also the executive chairman at News Corp, the company that now contains The Wall Street Journal and New York Post newspapers and book publisher HarperCollins.