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Rupert Murdoch prepares to step down as 21st Century Fox CEO


still expected to remain executive chairman


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"The limits of my language are the limits of my world." ——Ludwig Wittgenstein

Rupert Murdoch plans to step down as 21st Century Fox CEO

Reports say Rupert Murdoch, the controversial media magnate, is preparing to step down as CEO of 21st Century Fox.

Rupert Murdoch is planning to give up his CEO role at 21st Century Fox and hand over responsibility for the media empire to his sons James and Lachlan, CNBC's David Faber reports. James will be CEO; Lachlan will be co-executive chairman.

"He really wants his boys to run the company together," one of the sources close to Murdoch said.

Another source described the transition as a "title change," with the elder Murdoch still having the final say as executive chairman. "He will be actively involved," the source said.

A Murdoch spokeswoman declined to comment, other than to say, "the matter of succession is on the agenda at our upcoming, regularly scheduled board meeting."

21st Century Fox owns the Fox News Channel and Fox Business Network cable channels as well as FOX and MyNetwork broadcast networks. The company was formed in 2012 following the split of News Corp.'s TV and film businesses from the slower growth print entities.

An announcement is expected in the near term, while it's unclear whether the reorganization would take place this year or at the start of 2016.

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