Rupert Murdoch to bequeath control of 21st Century Fox to sons
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Rupert Murdoch is said to be considering stepping down from his position as head of 21st Century Fox and appoint one of his sons to the role. Murdoch is Chief Executive of the media company and sources close to him have revealed that he intends to place two of his sons in the top positions.
Murdoch, who is 84 years of age, will look to instate son James as Chief Executive in his place while instating other son Lachlan as co-executive chairman. The new appointments are expected to be ratified at a Fox board meeting to be held sometime next week.
A source close to the media mogul said "He really wants his boys to run the company together" before adding that he will remain "actively involved" in the day to day running of the network. Another moving piece in the middle of this reshuffle is Chase Carey who is stepping down as Chief Operating Officer to become an advisor to Murdoch.
The appointment of James Murdoch to such a prominent role will raise eyebrows for UK citizens after his role in the phone hacking scandal. James was head of BSkyB in 2011 when he became embroiled in the scandal thanks to his role as head of the company’s UK newspaper group.
James ultimately stepped down from his role at BSkyB and joined Fox in 2011. 21st Century Fox represents the biggest portion of Murdoch's media empire encompassing Fox News, which is expected to generate a profit of $2 billion in 2015, Fox Sports and the cash cow that is the 20th Century Fox film studio.