Rupert Murdoch Reportedly Plans To Step Down From 21st Century Fox

(RTTNews) - Rupert Murdoch, the 84-year-old chief executive officer and controlling shareholder of 21st Century Fox, is planning to step down as CEO of the media giant and hand that title to his son James, CNBC reported citing person familiar with the matter.

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. Rupert Murdoch will continue to be the executive chairman of Fox, while his son Lachlan would also become an executive co-chairman of the company, the report said.

The report also said that Fox's COO, Chase Carey, will step down from that role and take on a yet undefined role as an advisor at the company.

While James Murdoch 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.