Slowly but surely, Rupert Murdoch is handing the reins of his media empire over to new (but not unfamiliar) hands.
Murdoch announced today that he will be stepping down as CEO of 21st Century Fox, handing the responsibilities over to his youngest son, James. Rupert, however, will remain close and retain the title of executive chairman while his other son, Lachlan, will serve as executive co-chairman.
It’s been two years since the 21st Century Fox entertainment business split off from Murdoch’s News Corp publishing branch. Murdoch stepped down as chief executive of News Corp in 2012, but also remains executive chairman.
According to Fox, the notion of succession–and, indeed, any sense of which Murdoch brother will eventually take control of the media empire–remains undecided but is on the table. “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting,” the company said in a statement.
Rupert Murdoch will continue to control 39.4% of the voting shares at Fox and is believed to remain very involved in decision making for the near future. Fox COO Chase Carey is also stepping down, but will remain with the company in an unspecified advisory capacity.