Executive Chairman of News Corp and Chairman and CEO of 21st Century Fox Rupert Murdoch arrives on the red carpet during the second annual Breakthrough Prize Awards at the NASA Ames Research Center in Mountain View, California November 9, 2014.
Executive Chairman of News Corp and Chairman and CEO of 21st Century Fox Rupert Murdoch arrives on the red carpet during the second annual Breakthrough Prize Awards at the NASA Ames Research Center in Mountain View, California November 9, 2014. Reuters/Stephen Lam

Media mogul Rupert Murdoch will step down soon as chief executive of 21st Century Fox, probably by end of June, and hand over the reigns of his media empire to son James. Murdoch’s $75-billion empire includes a number of television channels and news properties spread across the world. Murdoch has been the company’s CEO for the last 35 years.

The succession plans were in sight, right from 2013 when the media empire was split into two companies: 21st Century Fox, with its TV channels and entertainment units, plus News Corp that had newspapers and publishing units under its belt.

Board’s Approval

The transition has been approved by the company’s board that met in New York on June 16. The 84-year old veteran will become executive co-chairman along with his eldest son Lachlan. In a press statement, Murdoch expressed his thoughts over the power shift and noted, “it has always been our priority to ensure stable, long-term leadership for the company, and these appointments will achieve that goal.”

Murdoch praised his sons Lachlan and James and said both are talented and accomplished executives and together they will strive to take the company to new levels of growth and opportunity. In a joint statement, Lachlan, 43, and James, 42 said: “We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company.”

Reports say that there was an internal competition by the sons to take over the reins of the company from their father. It surprised many that the mantle went to James as many thought Lachlan will be a frontrunner after James had a phone-hacking scandal behind him, when he was CEO of Murdoch’s UK newspaper group. He left it to join Fox in 2011. In 2013, James and Lachlan were inducted into the board of directors in Foz with James being named as co-COO in 2014.

Lachlan is currently the co-chief operating officer of 21st Century Fox, covering Fox News, X-Men film studio 20th Century Fox, along with a joint venture TV production group that makes MasterChef, Big Brother and American Idol. It also owns 40 percent stake in the U.K’s Sky television.

News Corp

Among the notable changes in News Corp, former editor of the Times, Robert Thomson has been named chief executive of News Corp, while Murdoch assumed the role of executive chairman. Chase Carey, considered a close lieutenant of Murdoch has been made executive vice-chairman. In a note of optimism, Murdoch added, “it has always been our priority to ensure stable, long term leadership for the company."

(For feedback/comments, contact the writer at k.kumar@ibtimes.com.au)

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