Rupert Murdoch is reportedly stepping step down as CEO of 21st Century Fox and is handing the title to his son James.
Rupert Murdoch, 84, will continue to be the executive chairman of Fox, while his older son Lachlan, 43, would also become an executive co-chairman, numerous sources close to the Murdoch family told CNBC.
While James Murdoch, 42, would take over the day-to-day management of Fox, he will work in tandem with his brother and his father, CNBC reported. Sources who have spoken with the Murdochs recently described the Murdoch brothers’ new roles as a “partnership,” the report said.
A Fox representative told CNBC that the matter of succession is on the board of director’s agenda at its next regularly scheduled meeting.
• Jessica Chasmar can be reached at jchasmar@washingtontimes.com.
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