Media baron Rupert Murdoch plans to retire from his business, but before that he plans to hand over the legacy he created over the past few years to his son, James Murdoch. The company that sponsors and hosts thousands and hundreds of cable and broadcast television networks, 21st Century Fox, is now to get a new owner in the form of James Murdoch.
Murdoch is all set to bequeath part of his legacy to his other son, Lachlan. He is to be co-executive of the company that James is going to head. A change in residence from Australia to Los Angeles in support of the change on the part of Lachlan is expected in the coming days. Murdoch senior is going to retain his post as executive chairman of the company.
The final decisions on the succession plans are to be taken at the board meeting scheduled in a week's time. Rupert is to continue to oversee the conduct of affairs in the company while he retains the post of executive chairman of the company. But the real working of the company is now to be in the hands of his sons.
This is the first time in history of the company that the top three positions in the company are occupied by members of the Murdoch family. The exact timing of the reorganization is not yet clear. It can take place later this year, or it can be at some time in the beginning of 2016.
But the real concern is that the move may not scare away 21st Century Fox President and Chief Operating Officer (COO) Chase Cary. In the case of Cary quitting the company, the company's stocks are most likely to tumble down in the stock market.