'Practical World' True News Magazine by American Road Radio

'Practical World' True News Magazine by American Road Radio
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#Business: Murdoch 'to step down' as Fox boss

Murdoch 'to step down' as Fox boss.

Rupert Murdoch is preparing to step down as chief executive of 21st Century Fox, according to reports.

His son James will take over the role, while his other son Lachlan will become executive co-chairman, says CNBC.

The 84-year-old Rupert Murdoch will reportedly remain as executive chairman at the company and still have the final say in matters.

The company said the matter of succession would be discussed at the next board meeting.

It would not comment further.

The reports also said that the chief operating officer, Chase Carey, would step down and take on a role as adviser to the company.

James Murdoch, 42, has been acting as co-chief operating officer at Fox after leaving his job running BSkyB. It is said that his new role will entail running the day to day business of Fox.

His brother Lachlan would take on "a broader, more strategic role", CNBC quoted sources as saying.

Entertainment firm 21st Century Fox was created two years ago after being split up from Murdoch's less profitable media firm, Newscorp.

It owns the Fox Hollywood studios and television businesses.

In the last quarter, 21st Century Fox reported net income of $975m (£629m), while News Corp, which owns the Wall Street Journal, The Times and The Sun, made a profit of $23m (£15m).
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