Rupert Murdoch is stepping down as the CEO of 21st Century Fox.
The 84-year-old media mogul, who founded News Corporation in 1979 before it split up in 2013, will be handing over the duties to his son James, CNBC reported.
Rupert Murdoch will remain with the company as executive chairman, which will allow him to still have final say over most dealings. Lachlan Murdoch, Rupert's other son, will take the duties of co-executive chairman.
One source simply described the shuffling to CNN Money as a "title change." The "title change" extends to people not directly related to Rupert Murdoch as well. Chief Operating Officer Chase Carey is also stepping down. Carey, who signed a two-year contract with the company last summer, will remain on board in an "undefined role as an advisor," according to CNBC News.
Overall, the three Murdochs will have a "partnership" and all lead the company together.
Exactly when the changes will take place is still up in the air, but a spokesperson for Fox told CNBC that "the matter of succession is on the board of director's agenda at its next regularly scheduled meeting."
When News Corporation split two years ago, it left a pair of media companies for Murdoch to handle: 21st Century Fox and News Corp. News Corp. is a publishing giant that owns Harper Collins, The New York Post and The Wall Street Journal. On the other end, 21st Century Fox is invested in broadcast and film, owning Fox News, 20th Century Fox and multiple other film studios.
Prior to starting News Corporation, Rupert Murdoch, an Australian, spent 30 years running media companies in his home nation as well as the United Kingdom.
