Media magnate Rupert Murdoch, will "step down as chief executive of his media-entertainment conglomerate 21st Century Fox", reports the Business Day BD Live.
USA Today adds that Murdoch's move is actually a 'consolidation of family power' as his son James will take on the reins as chief executive.
But the 84-year-old's media empire exit is not yet eminent, as he will remain executive chairman.
Click here for Time's overview of how Murdoch first got into the media business.
