Media mogul Rupert Murdoch is preparing to step down from his empire at 21st Century Fox, according to reports.
Murdoch is expected to hand over the reigns to son James within six months to a year, according to CNBC, citing unnamed sources close to the family.
The 84-year-old will remain as executive chairman and will bring in his other son Lachlan as executive co-chairman, the report said, while long-time Murdoch man Chase Carey, currently chief operating office, is also expected to step down in the reorganisation.
"The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting," the company said responded to the report.
A former boss of Sky in Britain, James was the heir apparent to the Murdoch media empire, but that anointment took a knock when the hacking scandal hit four years ago, scuppering succession plans.
Murdoch was forced to split it into separate businesses – 21st Century Fox housing its film and TV entertainment business, and Newscorp home to publishing.
Under the 21st Century Fox umbrella is the US TV network Fox and film studio 20th Century Fox, Asia's Star TV and a 39 per cent stake in Sky. Newscorp includes publications such as The Times, Sun, and Wall Street Journal and publisher HarperCollins
Murdoch became chief of 21st Century Fox and executive chairman of Newscorp, while Lachlan, who returned to the company last eyar after a nine-year absence, currently sits as co-chairman on both boards. James is currently co-chief operating officer of 21st Century Fox.
Shares in Nasdaq-listed Fox were down by as much as one per cent following the news.