Rupert Murdoch is planning to step down as CEO of 21st Century Fox, according to multiple media reports.
Murdoch, 84, is expected to hand over the daily management of the film and television group to his son James, with Lachlan Murdoch to be co-executive chairman along with his father.
Variety reports Lachlan is expected to move to Los Angeles from Sydney while James remains in New York.
Chase Carey, the president and chief operating officer of 21st Century Fox, will leave those posts, but will remain an adviser.
CNN reports one source described the transition as a “title change,” with the elder Murdoch still having the final say.
James Murdoch stepped down as head of BSkyB following the notorious UK hacking scandal. After his father’s empire was split into two companies, News Corp. and 21st Century Fox, James was promoted to COO of 21st Century Fox.
“This will be the biggest generational shift of any media company,” said Rich Greenfield, media analyst with BTIG Research, who praised the planning as “an orderly transition.”
“Anybody who has not been expecting the Murdoch family or the sons to take over has not been paying attention. They’ve been actively positioning this,” Greenfield said. “The sons are ready to step into more prominent roles.”
The news has reportedly become public before it was intended with changes to be made official.
FOX declined to comment beyond a statement: “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.”