Rupert Murdoch’s long-held plan to step down as chief executive of 21st Century Fox is now being realised, allowing his son James to step up to the job at the $70 billion media empire.
The New York Times has reported that he is expected to elevate his son Lachlan to the role of co-executive chairman of the company, who is moving from Australia to Los Angeles to work on the partnership with James. Fox Chief Operating Officer Chase Carey will step into an advisory role as part of a generational shift at the parent company of Fox News.
The wheels of this partnership were set in motion when Fox announced the brothers’ promotions – Lachlan to non-executive co-chairman of both Fox and publishing operation News Corp and James to co-chief operating officer of Fox together with Carey – in March 2014.
This will be the first time that only Murdoch family members will occupy the top three positions at the company. Fox investors reacted negatively to the planned changes, sending the shares down 1 per cent. Mr Carey has been viewed as a stabilising force at the company and was instrumental in the split of News Corp into Fox and new News Corp two years ago, a move that has delivered a major increase in the overall stock market value of their assets.
CNBC reported earlier that the elder Murdoch would still have the final say in whatever transpires at Fox. It was unclear whether the reorganisation would take place this year or at the start of 2016.
 Christopher Williams, www.telegraph.co.uk
 Jennifer Saba, Business News, Reuters