Rupert Murdoch will soon step aside from his role as the chief executive of 21st Century Fox, according to reports from CNBC.
The 84-year-old media mogul is preparing to give control of the company to his son James, the publication has cited sources close to the family.
The company is expected to make an announcement in the coming week regarding the change in personnel and Murdoch's succession.
The Murdoch Family Trust currently has a 39.4 per cent voting share of Fox, with much of the family involved in the daily running of the media giant, including sons James and Lachlan.
Murdoch is touted to remain as chairman of the company.