Murdoch To Step Down As Fox CEO - Reports

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

The 84-year-old is expected to hand over the job to his son James, who is currently the group's co-chief operating officer, CNBC said.

Mr Murdoch will remain as executive chairman as part of a reorganisation later this year or early in 2016, the report added.

It is understood his other son, Lachlan, will become executive co-chairman of 21st Century Fox, which has a 39% stake in Sky plc (Other OTC: BSYBF - news) , the owner of Sky News.

21st Century Fox declined to comment on the report in detail but said "this is a matter of succession and is on the board of directors' agenda at its next regularly scheduled meeting".

The report said James Murdoch, previously chief executive of BSkyB, would take over day-to-day management working "in tandem" with his brother and their father.

Sky News Business Presenter Ian King said: "Crucially - people get very worked up about these things - Rupert Murdoch will remain as executive chairman of 21st Century Fox, and that will remain the most senior position.

"But this nonetheless will be taken by people on Wall Street as a sign that Mr Murdoch is preparing to hand over the reins to James Murdoch."

21st Century Fox, which owns the Fox Hollywood studios and TV channels, was created in 2013 when Mr Murdoch split his empire.

He is also chairman of News Corp (Other OTC: NWSAL - news) , which owns The Times and Sun newspapers in the UK, as well as the Wall Street Journal and New York Post in the US.

CNBC's report said the reshuffle will also see chief operating officer Chase Carey step down and take on an advisory role instead.

King said: "The significance of that, Wall Street watchers will say, is that for the first time, 21st Century Fox will not have a non-Murdoch family member in a senior management position.

"So it really does cement the importance of the Murdoch family within this business."

He added: "It seems some form of announcement will be imminent, but maybe not until the end of the year."