Rupert Murdoch is planning to give up his CEO role at 21st Century Fox and hand the reins to his son, James, CNBC’s David Faber reports. Chase Carey will step down as COO “and take on a yet undefined role as an adviser at the company,” reports Faber.
An announcement is expected in the near term, while it’s unclear whether the reorganization would take place this year or at the start of 2016. Mr. Murdoch will continue to be the executive chairman of Fox, while his son Lachlan would also become an executive co-chairman of the company. While James Murdoch (pictured with FNC chairman Roger Ailes and Charles Krauthammer in 2010) would take over the day to day management of Fox, he will work in tandem with his 43 year old brother Lachlan and his father.
21st Century Fox owns the Fox News Channel and Fox Business Network cable channels as well as FOX and MyNetwork broadcast networks. The company was formed in 2012 following the split of News Corp.’s TV and film businesses from the slower growth print entities.
CNBC’s Faber reported the news online, then on TV at 9:47. FBN reported the news at 9:51.