James Murdoch to lead 21st Century Fox
James Murdoch has been announced as the person to lead 21st Century Fox but business experts still feel that Rupert Murdoch will play an active role in the management of the company. 84-year old media mogul recently announced that his son James Murdoch will take over the control of 21st Century Fox.
Since its incorporation in 1979, 21st Century Fox has grown under leadership of Rupert Murdoch. The company manages National Geographic, FX, Fox Broadcasting and 20th Century Fox movie studio. Murdoch family also controls media business of the company under News Corp.
Elder brother of James Murdoch, Lachlan Murdoch would become co-executive chairman. Rupert Murdoch will remain as executive chairman.
James Murdoch was earlier chief executive of News Corp.’s international operations. He was also in charge of British newspapers owned by Murdoch family. However, the phone hacking scandal led to troubles for James Murdoch. The new steps taken by Rupert Murdoch could be a way to move on after the setback faced by James. James was named co-CEO of 21st Century Fox in March 2014.
James has also managed expansion of Sky satellite TV brand in Germany and Italy. The stake was later sold for $9.3 billion.
News Corp. owns the Wall Street Journal, HarperCollins book publishing business and New York Post among other media properties. Murdoch family owns nearly 40 percent stake in both the businesses.
On Friday, Fox stock closed 21 cents lower at $32.69.
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