Rupert Murdoch is set to step down as the CEO of Fox News Channel’s parent company, CNBC reported Thursday.
Anonymous sources close to the Murdoch family told CNBC that Murdoch, 84, is expected to hand the reins of broadcasting giant 21st Century Fox over to his son, James Murdoch.
Rupert Murdoch is expected to stay on in his capacity as executive chairman of Fox, according to the report.
It’s unclear whether the transition will take place in 2016 or earlier, according to CNBC. The report states that Murdoch’s day-to-day role as chairman of both Fox and News Corp., which publishes newspapers across the globe, is not expected to change.
This post has been updated.