Australian Media mogul Rupert Murdoch is set to step down from his role as CEO of multinational corporation 21st Century Fox, and will hand the reins to his younger son James as early as this year, CNBC reported.
Sources close to the Murdoch family reportedly leaked details of the handover ahead of an official announcement, which is expected soon, according to CNBC. The 84-year-old Murdoch patriarch is reportedly set to scale back his involvement either this year or the start of 2016, but will remain an executive chairman of the company.
Murdoch's other son, Lachlan, 43, will also step up to the role of executive co-chairman, and will work hand-in-hand with his younger brother James, 42, in the day-to-day management of Fox. The unnamed sources told CNBC the brothers will work in "partnership" with each other.
"James will have the primary role in running Fox, while Lachlan will take on a broader strategic role from his co-chairman position," a source said.
Meanwhile, Fox's President and COO, Chase Carey, is set to stand down from that position and will reportedly assume another unknown advisory role at the company through 2016, the sources said.
A Fox spokesperson told CNBC said that company reorganization and succession is to be discussed at the next meeting of the board of directors.
Rupert Murdoch currently controls 39.4 percent of voting shares at Fox, which was formed in 2013 when News Corporation divided its entertainment and media properties. Fox's assets include the Fox Entertainment Group, which owns 20th century Fox film studio, Sky television channels, and Fox television network, among other holdings. 21st Century Fox also owns a 5 percent stake in VICE Media.