Mur­doch sons to take con­trol July 1

Los Angeles Times - - COMPANY TOWN - By Ryan Faugh­n­der ryan.faugh­n­

Ru­pert Mur­doch of­fi­cially hands over the reins of 21st Cen­tury Fox to his sons James and Lach­lan next month.

James Mur­doch will be­come chief ex­ec­u­tive of the media and en­ter­tain­ment gi­ant July 1, the com­pany con­firmed Tues­day. Lach­lan, cur­rently co-chair­man of the com­pany, will be made ex­ec­u­tive co-chair­man along­side his 84-year-old fa­ther, who will take the same ti­tle.

In an un­usual cor­po­rate struc­ture, the com­pany’s busi­ness func­tions and its tele­vi­sion and film oper­a­tions will jointly re­port to Lach­lan and James Mur­doch. The com­pany’s units in­clude the 20th Cen­tury Fox movie and TV stu­dio, the Fox broad­cast­ing net­work and ca­ble net­works in­clud­ing Fox News Chan­nel.

The el­e­va­tion of the Mur­doch sons had been ex­pected and comes amid gen­er­a­tional and tech­no­log­i­cal changes that are up­end­ing tra­di­tional busi­ness mod­els in the media and en­ter­tain­ment in­dus­try.

Chase Carey, the com- pany’s deputy chair­man and chief op­er­at­ing of­fi­cer since 2009, will re­lin­quish his po­si­tion and be­come ex­ec­u­tive vice chair­man. Carey, who is widely re­spected on Wall Street, will serve in that new role through June 2016.

Fox News Chan­nel’s chair­man Roger Ailes had pre­vi­ously said through a re­port on Fox Busi­ness Net­work that he would con­tinue to re­port to Ru­pert Mur­doch de­spite cor­po­rate changes. The com­pany’s an­nounce­ment did not specif­i­cally men­tion Fox News, but a per­son fa­mil­iar with the mat­ter said Ailes would of­fi­cially re­port to the Mur­doch broth­ers.

Although the el­der Mur­doch will let go of the CEO ti­tle, he is ex­pected to re­main deeply in­volved in Fox’s busi­ness af­fairs.

James Mur­doch, 42, is cur­rently co-chief op­er­at­ing of­fi­cer and will re­port jointly to his fa­ther and the board of di­rec­tors. Lach­lan, 43, will re­port to the board, which in­cludes his fa­ther.

The Mur­doch fam­ily con­trols 39% of Fox’s vot­ing shares.

Frank Micelotta Invision/As­so­ci­ated Press

JAMES MUR­DOCH, left, will be­come chief ex­ec­u­tive of 21st Cen­tury Fox; Lach­lan, cur­rently co-chair­man, will be ex­ec­u­tive co-chair­man with their fa­ther.

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