Report: Rupert Murdoch to step down as 21st Century Fox CEO

NEW YORK, June 11 (UPI) -- Media mogul Rupert Murdoch, the longtime chairman and CEO of 21st Century Fox, is planning to step down and hand the reigns to his son James.

Murdoch, 84, will stay on as the executive chairman of the board, while his son Lachlan, 43, would become and executive co-chairman of the company, CNBC reported.. CNN Money confirmed the news, citing "a source with knowledge of the matter."

An announcement is expected in the coming months, but it is unclear if the reorganization will take place this year or at the beginning of 2016. Fox said the matter of succession is on the board of director's agenda for its next regularly scheduled meeting, declining further comment. The management reorder is also expected to see Chief Operating Officer Chase Carey shifted from his role to an undefined role as an advisor to the company.