Updated: Tuesday, June 16, 2015, 4:21 P.M. EST
Media conglomerate 21st Century Fox confirmed on Tuesday that Rupert Murdoch is stepping down as CEO of the company and will be replaced by his son, James Murdoch. Rupert Mudroch and his other son, Lachlan Murdoch, will serve as executive co-chairmen.
“It has always been our priority to ensure stable, long term leadership for the Company, and these appointments achieve that goal. Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry," Rupert Murdoch said in a press release.
Chase Carey will move into the role of executive vice chairman and through the end of his contact on June 30, 2016, the release said.
Rupert Murdoch, at 84, is finally preparing to relinquish control of one part of his media empire.
Murdoch is preparing to step down as CEO of 21st Century Fox, the crown jewel of his empire, according to multiple reports from CNBC and The New York Times.
The Fox business includes cable, film and satellite television entities. 20th Century Fox, the movie studio, releases eclectic movies with wide appeal ranging from Abraham Lincoln: Vampire Hunter to X-Men.
Murdoch currently serves as the chairman and CEO of 21st Century Fox and executive chairman of News Corp, the parent company of many of Murdoch's print and television properties, which split off into a separate publicly traded company in 2013.
To some extent, the shift in roles is expected to be largely symbolic, with one source telling CNN Money that it mainly represents a "title change." Murdoch would continue to exert tremendous influence at the company as its chairman and large shareholder. The move also may happen later this year or next, according to The Wall Street Journal.
Most importantly: there will still be a Murdoch in charge. His son, James, is said to be taking over as CEO in his place. Lachlan, Murdoch's other son, will become co-executive chairman, according to The Times.
The Murdoch family is notoriously competitive, with James, Lachlan and daughter Elisabeth -- named for her powerful grandmother -- all intensely involved in the media business and started their careers under their father's wing.
Important to note on my $FOX story that brothers Lachlan and James will be working closely together. Should be an interesting partnership.— DAVID FABER (@davidfaber) June 11, 2015
James Murdoch, long viewed as his father's heir apparent for most of the media empire, at one point had his reputation tarnished by the controversy surrounding the News of the World phone hacking scandal.
"The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting," Nathaniel Brown, a spokesperson for 21st Century Fox, told Mashable. Brown declined to comment on whether Murdoch plans to announce stepping down from his current role.