NEW YORK — Rupert Murdoch is preparing to hand over the CEO job at Twenty-First Century Fox Inc. to his son, James, while his other son, Lachlan, will become executive co-chairman, according to a person with direct knowledge of the matter.
Murdoch, 84, one of the world’s most powerful media magnates, will become executive chairman and remain deeply involved in the company, while his sons are to run the business in a partnership, the person said.
The person was not authorized to speak publicly and spoke on condition of anonymity.
The elder Murdoch will retain a grip on the corporation behind Fox News Channel, Fox broadcast network and the 20th Century Fox movie studio through a family trust that owns 38 percent of the voting shares. He has been CEO since 1979 and chairman since 1991.
Chase Carey, the company’s president and chief operating officer, will stay on in an advisory role through the end of his contract in June 2016.
The moves will be discussed at a board meeting in the coming weeks, the source said.
In a statement, Twenty-First Century Fox acknowledged the pending changes. “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting,” it said.
Fox News and CNBC reported the news Thursday.
The company
Twenty-First Century Fox owns:
• The studio 20th Century Fox.
• Fox Networks, Fox News, Fox Broadcasting, Fox Sports, Fox Business and FX.
• European satellite TV company Sky.
• Media and entertainment company Star India.
It also has majority control of the regional entertainment sports network YES and is a partner in National Geographic Channels and the Big Ten Network
Source:Twenty-First Century Fox websitesand SEC filings
