Rupert Murdoch to hand over CEO role to son James

The media baron Rupert Murdoch is preparing to hand over the CEO job at Twenty-First Century Fox to his son, James, the firm’s channel Fox News reported.

Rupert Murdoch, aged 84, remains chairman and controlling shareholder of the company behind Fox News Channel, Fox broadcast network and the 20th Century Fox movie studio, through a family trust that owns shares. He has been CEO since 1979 and chairman since 1991.

Fox News reported the pending move on its website, attributing the announcement to Rupert Murdoch. CNBC first reported the story based on sources who requested anonymity.