Rupert Murdoch set to hand over media dynasty to sons, James and Lachlan
84-year-old media magnate keeps running of 21st Century Fox in family.
Rupert Murdoch will soon hand over the reins of his media dynasty to his sons.
Fox News and CNBC first reported news of the changes at 21st Century Fox on Thursday. But in a statement, 21st Century Fox acknowledged the pending changes saying that "the matter of succession is on the agenda at our upcoming, regularly scheduled board meeting".
The specific timing of the hand-off of 21st Century Fox is unclear. But as James Murdoch prepares to take over as CEO and Lachlan Murdoch as executive co-chairman, some on Wall Street worry about how the pair will run the conglomerate behind Fox News, the Fox broadcast network and the 20th Century Fox movie studio. The moves were expected eventually, but shares were down slightly when news of the changes came on Thursday.
Michael Nathanson, an analyst at research firm MoffettNathanson, said investors will be watching closely for such things whether the company continues to be open with Wall Street, particularly with profit guidance.
"It comes down to what choices they make," he said.
While the timing of the moves had not been expected so soon, they come a year after Murdoch elevated both sons into more prominent roles. In March last year, James, 42, was promoted to co-COO alongside the elder Murdoch's lieutenant Chase Carey, while Lachlan, 43, was named non-executive co-chairman.