Rupert Murdoch is reportedly making plans to turn over the reins of 21st Century Fox (NYSE:FOX), his sprawling media and entertainment empire, 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.
21st Century Fox is the parent company of the FOX Business Network.
Murdoch, 84, is the CEO and controlling shareholder of 21st Century Fox, which was created in 2013 when News Corp. (NYSE:NWS) divided its holdings between its print properties, which includes Dow Jones and the Wall Street Journal, and its digital and television properties, which includes the highly profitable Fox News Network.
CNBC, citing sources close to the Murdoch family, first reported the news of the shakeup at 21st Century Fox.
An announcement could be made before the end of the year or early in 2016. Mr. Murdoch will continue to be the executive chairman of Fox, according to the report, while his son Lachlan would also become an executive co-chairman of the company.
21st Century Fox’s COO Chase Carey will reportedly also step down from that role as part of the reorganization and accept another role, possibly as a consultant. Carey joined News Corp. in 2009.
James Murdoch will reportedly take over day to day management of 21st Century Fox. His brother Lachlan will also take on an increasingly larger role, according to the report, and the two will largely act as partners.