Rupert Murdoch, the 84-year old media baron, will hand over the chief executive job at Twenty-First Century Fox to his 42-year old son James. Bobbi Rebell reports.
Rupert Murdoch is handing over the CEO title at Twenty-First Century Fox to his 42-year old son, James, according to a Reuters source. James is known as a risk-taker, like his father. But he is also thought to be less sentimental about certain assets than his dad, and more enthusiastic about courting shareholders. To be clear though, his father is not exactly retiring. The elder Murdoch is staying on as chairman. Reuters Breakingviews columnist Jeff Goldfarb: SOUNDBITE: JEFFREY GOLDFARB, REUTERS BREAKINGVIEWS COLUMNIST (ENGLISH) SAYING: "He will be pulling the strings, no matter what happens underneath. He puts his son is as CEO, his son James. His son Lachlan, who is already a co-chairman, comes over as executive co-chairman, which is sort of a subtle change, but meaningful. " Also meaningful: chief operating officer Chase Carey, who will step into an advisory role. He has been the non-Murdoch, who Goldfarb says, has been a favorite of shareholders. SOUNDBITE: JEFFREY GOLDFARB, REUTERS BREAKINGVIEWS COLUMNIST (ENGLISH) SAYING: "Well, there had been some fear over the years that the Murdochs were willing to overspend, look to grow the company, do big deals like Dow Jones, overspend. That has been tempered somewhat because of the presence of Chase Carey, who has returned the company to giving money back to shareholders in the form of dividends, in the form of buybacks. So, there has been sort of more discipline in the company." That discipline, most recently evident when they pulled back from their quest to buy Time Warner after their offers were rebuffed, rather than spend more than they thought the company was worth.