After decades of speculation, Rupert Murdoch’s succession plans involving sons James and Lachlan for his global media empire have been revealed.
James appears to be the winner, although Lachlan also will be elevated under the reported plan.
There was no mention of Murdoch’s daughter, Elisabeth, who has forged a successful career as a TV executive.
“The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting,” Nathaniel Brown, a 21st Century Fox spokesperson, said.
The board meeting is expected to take place next week.
US business cable TV channel CNBC first reported the succession plan on Thursday.
Murdoch, who turned 84 in March, will step down as chief executive of 21st Century Fox and hand the role to James, 42.
James, who suffered during the British phone hacking controversy that engulfed the company, will handle the day-to-day management of the multi-national media corporation that has annual revenues of more than $US30 billion and businesses including the 20th Century Fox film studio, the US FOX television network, Asian pay TV channel STAR TV and a 39.1 per cent ownership interest in Sky, one of Europe’s leading entertainment companies.
James is currently the company’s co-chief operating officer.
Lachlan, 43, will be elevated from non-executive co-chairman to executive co-chairman of 21st Century Fox with his father, who remains executive chairman.
Lachlan is expected to move from Australia to Los Angeles to fulfill the role while James will remain in New York.
Chief operating officer Chase Carey is expected to step down and take an advisory role with the company, leaving the top three positions to Murdoch and his sons.
Carey’s contract expires in 2016.
The timing of the moves has not been decided and could happen as early as this year or as late as next year, Murdoch-owned The Wall Street Journal reported.
James and Lachlan, according to the Wall Street Journal, will run 21st Century Fox in a partnership in a similar way to Murdoch and Carey’s arrangement, with one focused on the long-term agenda and the other more focused on the company’s operations, though the roles overlap.
The New York Times, citing people briefed on the succession plans, reported Murdoch was not ill and would continue to provide broad strategic oversight for the company, come into the office regularly and “appears to be energised”.
Murdoch transformed the family media business from a newspaper in Adelaide to one of the world’s most influential media conglomerates.
21st Century Fox’s portfolio of cable, broadcast, film, pay TV and satellite assets span six continents and reach more than 1.8 billion subscribers in approximately 50 local languages every day.
21st Century Fox was formed in 2013 after the Murdoch-controlled News Corporation was split into two companies, with News Corp focusing on Murdoch’s traditional newspaper and publishing assets including The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, Adelaide Advertiser, New York Post in the US and The Sun and The Times in the UK.
