Rupert Murdoch will officially hand over leadership of 21st Century Fox to sons James and Lachlan as CEO and Executive co-Chairman on July 1, confirming last week's leak by sources familiar with the matter.
It's confirmed billionaire media tycoon Rupert Murdoch is giving up the day to day running a 20% reap box the company announced Tuesday. But there as a twist involving sons James and locked and. Along with his long time lieutenant Chase Carey. Reuters media correspondent. And say about it on the story they're too big surprise. This one is that chase gonna stay on through his contract through June 2016 so that will appease investors who are nervous about. You know and non family member leaving the company. And the second surprising thing is that Locke clan is going to be also doing day to day operations so all the although operations these TV and film divisions are going to be jointly reporting to. James and on. Changed the younger of the two Brothers moved into the CEO spot as of July 1. And blocked limb gets the executive coach chairman role. The confirmation comes a few days after leaks of the management shift. Set off a media frenzy from coast to coast but the 84 year old is he going far. Murdoch who took a small newspaper operation in Australia and built it into the entertainment and new conglomerate that includes fox and News Corp. We'll share that executive co chairman title with his eldest son. So daddy there will be closed by the helped guide it sounds. While providing some comfort to investors still worried that the murder. Boys aren't ready for prime time.