Rupert Murdoch confirms plan to hand over 21st Century Fox reins to James - 17th June 2015

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Rising sons: Lachlan, Rupert and James Murdoch. Photo: Getty Images

Rupert Murdoch has confirmed he will hand over the chief executive reins at the entertainment conglomerate 21st Century Fox to his 42-year-old son James.

Mr Murdoch, 84, who controls Fox through a trust that owns roughly 38 percent of the voting shares, will become executive co-chairmen, along side his elder son Lachlan.

James is currently the co-chief operating officer of the company.

Long-time Murdoch lieutenant Chase Carey, who has been Fox's deputy chairman, president and chief operating officer since 2009, will become the executive vice chairman, but only stay in that role for a year.

The company said the new changes would be effective July 1.

"In conjunction with these changes, the company's corporate functions, and its global television and film operations will now jointly report to Lachlan and James Murdoch," a 21st Century Fox statement said.

In the statement, Rupert Murdoch said the changes provided stability for the company.

"It has always been our priority to ensure stable, long term leadership for the company, and these appointments achieve that goal," Mr Murdoch said.

"Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry."

Mr Murdoch also thanked Mr Carey for his time at the company.

"I can't thank Chase Carey enough for his friendship, counsel and leadership over the past decades. He will be actively engaged in supporting Lachlan and James as they step in to their new roles."

More to come...

(Reuters)