Media mogul Rupert Murdoch is set to step down from his position as chief executive of 21st Century Fox, with speculation pointing to his sons, James and Lachlan Murdoch, as his likely successors.
Media outlets in the US began reporting overnight that the 84 year-old would step down and that James and older brother Lachlan would work as partners to run the business.
James is set to be named as CEO, replacing his father, while the elder Murdoch Lachlan, will take on the role of executive chairman, according to reports.
While New York-based James will have day-to-day control of the company, Lachlan, who will be moving from Sydney to Los Angeles, will play an integral role as the company's co-executive chair.
Murdoch began lining up the succession plan to have his sons inherit control more than a year ago when he elevated them to more senior positions at his entertainment and publishing companies, Fox and News Corp.
This will be the first time that only Murdoch family members will occupy the top three positions at the company.
Fox announced overnight it would take up the succession issue at its next board meeting, which I said to be taking place next week.
In other 21st Century Fox news, there's currently a global pitch out, putting ZenithOptimedia on alert.
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