MUMBAI: Octogenarian media baron Rupert Murdoch is all set to resign from his position as 21st Century Fox CEO, handing over the reigns to his son James Murdoch, as per a CNBC Television report.

According to the report, an announcement on the same is expected soon, with no clear date on when the reorganisation would take place. CNBC reports that while Murdoch will continue to be the executive chairman of Fox, his other son Lachlan will take over as executive co-chairman.

In a statement, Fox said, “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.” However the company did not elaborate further.

Rupert Murdoch, who through the Murdoch Family Trust controls 39.4 per cent of the voting shares at Fox, is not expected to change much of what he does day to day as chairman of both Fox and News Corp.

It can be recalled that Fox had earlier attempted the acquisition of Time Warner, a deal which many said, would have reshaped the media industry. As per reports, the deal failed after Time Warner declined to discuss the matter with the Fox leadership.

Meanwhile, with the news of Murdoch stepping down, Fox shares were down 0.27 per cent at $32.89, while News Corp shares were little changed at $14.64 in early trading.