Rupert Murdoch To Hand Over Reins Of 21st Century Fox To James Murdoch

(RTTNews) - Media mogul Rupert Murdoch will step down as the CEO of 21st Century Fox Inc. (FOX, FOXA) and hand over control of the entertainment company to his sons James and Lachlan, the company said on Tuesday.

The 84-year-old media baron, who is currently the Chairman and CEO of 21st Century Fox, will step down from the CEO position and will be succeeded by James Murdoch, effective July 1. Meanwhile, Rupert Murdoch will continue remain at the company as co-executive chairman.

Lachlan Murdoch has been promoted as the co-executive chairman from his current post of non-executive co-chairman.

Chase Carey, currently COO, President and Deputy Chairman, will become Executive Vice Chairman. Carey will serve in that role through June 30, 2016.

The new management changes goes into effect on July 1, thus bringing the control of the company's corporate functions and its global television and film operations under Lachlan and James Murdoch.

"It has always been our priority to ensure stable, long term leadership for the Company, and these appointments achieve that goal. Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry," Rupert Murdoch said.

Lachlan Murdoch and James Murdoch, in a joint statement, said: "We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary 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 stakeholder in the European pay TV company Sky plc.

FOX closed Tuesday's trading at $32.17, down $0.09 or 0.28%, on the NYSE. The stock further dropped $0.01 or 0.03% in the after-hours trade.