James Murdoch, 42, the younger son of the Media mogul Rupert Murdoch will now take over as the new CEO of the global empire , while his elder son Lachlan Murdoch will act as the executive Co-Chairman. The 84 year old Murdoch will continue to remain as the executive chairman of the company. However, till the filing of this report, it is not clear as to when the reorganization would take place.
According to sources, James would take over the day-to-day management of Fox and he will work in coordination with his 43-year-old brother Lachlan and his father. A spokesperson of Fox Network said that the matter of succession is on the board of director's agenda at its next regularly scheduled meeting.
Rupert Murdoch, who through the Murdoch Family Trust controls 39.4 percent of the voting shares at Fox, is not expected to change much of what he does day to day as chairman of both Fox and News Corp., but the change at Fox is clearly an acknowledgement that the next generation of Murdochs is ready to take its place in leading the media giant.