Rupert Murdoch, the 84-year-old chief executive of Twenty-First Century Fox, is preparing to step down and name his son James as his successor at the entertainment conglomerate behind Fox News and the studio.
James Murdoch will work together with his 43-year-old brother Lachlan in a "partnership." Lachlan will hold the title of Co-chairman working alongside his father who will maintain his title as executive chairman.
Rupert Murdoch will still have the final say over all major business decisions. Fox shares were down 0.50 percent at $32.79, while News Corporation shares were off 0.23 percent at $14.61 in early trading on Thursday.