Rupert Murdoch's sons expected to take greater roles at Fox in shake-up

The long-awaited transition of power to the younger generation of Murdochs has accelerated with the impending expected appointment of James Murdoch to become chief executive of 21st Century Fox, with his older brother Lachlan Murdoch taking a larger role as executive chairman. Apparently, Fox Chief Executive Rupert Murdoch is expected to relinquish his CEO role at Fox but continue to be actively involved in the company as executive co-chairman. The timing of the moves was not immediately clear.

Fox's board of directors must approve the changes, which would entrust the operational control of media giant to Murdoch's two sons. "The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting," a Fox spokesman said. Fox's longtime chief operating officer, Chase Carey, is expected to hand over operational reins but remain with the company in a supporting or advisory role through the end of 2016. Carey is widely respected on Wall Street, and investors have long felt a measure of comfort by having someone outside the Murdoch clan in a senior role at the company. However, the new structure would concentrate power at Fox within the Murdoch family Some investors might be uneasy with that realignment. Fox shares were down slightly in early morning trading on Wall Street on June 11.