Reports have emerged that a generational transition of the Murdoch family’s control of its media and entertainment empire is under way, which will see James and Lachlan Murdoch formally handed the management reins of father Rupert’s business.

With formal confirmation expected shortly, James Murdoch will be named CEO of 21st Century Fox while Lachlan Murdoch will become executive chairman alongside their father.

Current COO Chase Carey is stepping down, but will remain with the company until May 2016 in an advisory capacity.

Lachlan was named non-exec chairman of 21st Century Fox and News Corp. in March 2014, while James was named co-COO of Fox working under Carey.

More to follow …

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