Rupert Murdoch, the 84-year old chief executive of Twenty-First Century Fox Inc, is preparing to step down, sources close to the Murdoch family revealed to NYT.
Mr. Murdoch is expected to name his son James to succeed him as chief executive of 21st Century Fox, the sprawling entertainment company that includes cable and broadcast television networks, film studios and satellite companies, multiple people briefed on the plans said on Thursday.
He also is expected to elevate his son Lachlan to the role of co-executive chairman of the company. Lachlan, 43, is moving from Australia to Los Angeles and will work in partnership with James, 42, said the sources.
Rupert Murdoch 84 , will remain at the company as executive chairman.
The exact timing for the changes is unclear. They are said to be part of Rupert’s long-term succession plans and are likely to be discussed at a board meeting next week.
While his sons are stepping into the spotlight, Rupert is expected to continue to provide broad strategic oversight and will retain ultimate control of the company.
As part of the reorganization, Chase Carey will step down from his role as chief operating officer at Fox and work as an adviser to the company. Mr. Carey, who has worked as the second-highest executive at Fox since 2009 and is widely respected on Wall Street.
James and Lachlan are ascending to the top of Fox at a time of rapid change on the media landscape. This might be their father’s company — started in 1954 with a single Australian newspaper — but the industry is transforming, and the brothers will have to navigate a complicated new world of digital distribution and advertising technologies in the years to come.