21st Century Fox CEO Murdoch Plans To Step Down: Reports

(RTTNews) - Media mogul Rupert Murdoch is reportedly planning to step down as chief executive officer of 21st Century Fox Inc. (FOX, FOXA).

84-year-old Murdoch, considered one of the world's most powerful and influential media executives, is preparing to pass the reins of 21st Century Fox to his son James Murdoch, according to people familiar with the matter. The news was first reported by CNBC.

Meanwhile, reports also suggest Murdoch will remain executive chairman of the company and will have a final say in the company matters too. Lachlan Murdoch, another son of Murdoch, will also be appointed as co-executive chairman along with his father.

The executive changes are expected to be announced officially after 21st Century Fox's board meeting next week.

"The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting," a spokesman for Fox said.

Chief Operating Officer Chase Carey is expected to stand down from the post, but will remain an adviser to the company.

21st Century Fox is an entertainment media company that was formed after splitting the entertainment and media properties from News Corp in 2013. The company primarily focuses on the film and television industry. Its holdings include the Fox Entertainment Group—owners of the 20th Century Fox film studio and Fox television network, pan-Asian pay channel operator STAR TV, and a stake in European pay TV company Sky plc.

FOX is currently trading at $32.56, down $0.29 or 0.88%, on the Nasdaq.