Rupert Murdoch is reportedly planning to step down from his role as 21st Century Fox CEO.
CNBC first reported the news, adding that Murdoch would be suggesting that his son James be named his successor, said the Hollywood Reporter.
The 84-year-old media mogul would continue to be executive chairman of Fox, with his son Lachlan becoming executive co-chairman.
An announcement about the restructuring is expected soon, but it’s unclear if the change would take effect this year or at the start of 2016.
As part of the shake-up, Fox COO Chase Carey would step down from that role and take on an undefined, advisory role at the company through the end of his current contract in mid-2016.