Boardroom changes in Rupert Murdoch’s Fox entertainment empire take effect on July 1 when the long-serving media mogul cedes executive powers to his sons.
On that day, James and Lachlan Murdoch will move into top leadership roles in a long-anticipated transition, according to the Wall Street Journal, citing a 21st Century Fox announcement.
Murdoch, 84, will remain as executive chairman but pass the chief executive reins to his younger son James, 42.
Lachlan Murdoch, 43, will become executive co-chairman.
Fox includes the Fox broadcast network, cable channels in the US and around the world and one of the largest film and television studios.
“It has always been our priority to ensure stable, long term leadership for the company, and these appointments achieve that goal,” Murdoch was quoted as saying by WSJ.
Executives will report jointly to both of James and Lachlan. They include Fox Networks Group chairman Peter Rice and 20th Century Fox film chairman James N. Gianopulos.
Fox News chairman Roger Ailes will also report to Lachlan and James Murdoch.
In 2013, Rupert Murdoch broke up his media empire, with the entertainment assets going to 21st Century Fox and the publishing business, including The Wall Street Journal, going to News Corp.
The Murdoch family owns 39 percent of both companies.
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