Murdoch sons to take over empire

AUSTRALIAN media tycoon Rupert Murdoch will step down as chief executive of 21st Century Fox, handing the reins to 42-year-old son James in a move to cement generational change at the entertainment powerhouse.

Eldest son Lachlan is set to be named executive cochairman of the company, with his father remaining as executive chairman, according to reports.

There is no timeline on the changes, which are expected to be discussed at the company’s board meeting next week.

“The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting,” 21st Century Fox confirmed.

Lachlan, 43, is also a nonexecutive co-chairman at the other media company founded by his father – News Corp – which owns newspaper mastheads including the Mercury.

Murdoch senior, 84, will continue as chairman of News Corp.

News Corp and 21st Century Fox became separate compa- nies almost two years ago after a split which divided News’ media arm from its entertainment division.

Fox’s chief operating officer Chase Carey is also expected to step down and take on an advisory role within the company.

Last year, James was promoted to co-chief operating officer reporting to Mr Carey.

Mr Carey’s future in the company has been debated by investors as his contract has a provision allowing him to exit six months before it ends on June 30 next year – but only if he notifies the board by the end of this month.

James has been working with 21st Century Fox chief financial officer John Nallen to move the company’s headquarters to World Trade Center 2.

The new management structure is said to be designed to mimic the close working relationship of Mr Carey and Rupert Murdoch, with one focused on the big picture agenda and another on the day-to-day management.

It is believed Murdoch senior will continue to drive strategy at Fox.