Rupert Murdoch is stepping down as CEO of 21st Century Fox.
According to CNBC, the 84-year old CEO and controlling shareholder of the media conglomerate will hand the title to his son James. He is expected to continue as executive chairman of the company with his eldest son Lachlan Murdoch becoming an executive co-chairman.
The Fox empire employs more than 25,000 people around the world, spanning the Fox TV channels, movie studio 20th Century Fox, and a 39% stake in Sky.
It is separate from Murdoch’s publishing empire News Corp, which is home to the Sun, the Times and the Sunday Times, which split from the entertainment business two years ago. Murdoch stepped down as chief executive of that business in 2012 but remains as executive chairman.
By Fiona Carty