Fox News owner Rupert Murdoch is preparing to hand the chief executive role of 21st Century Fox to his son James, writes The New York Times. Murdoch also owns The Wall Street Journal, Fox local stations, and many other media outlets.
Murdoch plans to ask the board of 21st Century Fox to install his younger son, James, as chief executive next week, writes the LA Times newspaper. That’s the job the elder Murdoch has held since his media company was incorporated in 1979.
He is embarking on the task of transferring control of a company to the next generation, while positioning it for future success, writes The NYT.
However, Mr. Murdoch, 84, is expected to stay closely involved with 21st Century Fox as executive chairman, a title he also holds at News Corporation, a conglomerate of media properties he spun off (but still owns) in 2013. The elder Murdoch helped build the companies into a $75 billion empire.
Murdoch has also been able to steer his companies beyond the British phone hacking scandal of four years ago, writes the LA Times newspaper. In that scandal, News Corp. journalists intercepted cellphone messages left for British celebrities, sports stars and even members of the royal family, according to the LA Times.
James Murdoch is expected to be named chief at 21st Century Fox. James has shown interest in streaming and ad technologies.
Murdoch built his conglomerate from a single Australian newspaper he inherited when his father died in 1952. The “changing of the guard” would represent a third generation of Murdoch family-controlled media, writes the LA Times.