Rupert Murdoch to Step Down as CEO of 21st Century Fox

His son, James Murdoch, will take over.

Rupert Murdoch is nearing the end of his run as CEO of 21st Century Fox. According to CNBC’s “numerous sources close to the Murdoch family,” Murdoch will step down as CEO and allow his son, James Murdoch, to take over. Rupert is expected to stay on as executive chairman.

James will work with Rupert’s other son, Lachlan Murdoch, in guiding the company. You might remember James from the phone hacking scandal, but apparently everyone is cool with him now because, you know, money. Investors told CNBC that “James has matured as a leader, has a detailed knowledge of the company’s operations and is the driving force behind the company expansion in digital distribution.”

In related media empire news, 21st Century Fox COO Chase Carey will also step down to take on an “undefined” role with the company.

These assorted moves do not have a date attached. They could happen next month or at the end of the year.  Please don’t let that stop you from discussing them.