Rupert Murdoch is planning to step down as 21st Century Fox CEO, according to reports this afternoon.
Mr Murdoch (84) is expected to hand over the job to his son James, who is currently the group's co-chief operating officer, CNBC said.
Mr Murdoch will remain as executive chairman as part of a reorganisation later this year or early in 2016, the report added.
It is understood his other son, Lachlan, will become executive co-chairman of 21st Century Fox.
21st Century Fox declined to comment on the report in detail but said "this is a matter of succession and is on the board of directors' agenda at its next regularly scheduled meeting".
The report said James Murdoch, previously chief executive of BSkyB, would take over day-to-day management working "in tandem" with his brother and their father.
21st Century Fox - which owns the Fox Hollywood studios and TV channels as well as a 39% stake in Sky plc - was created in 2013 when Mr Murdoch split his empire.
He is also chairman of News Corp, which owns The Times and Sun newspapers in the UK, as well as the Wall Street Journal and New York Post in the US.
CNBC's report said the reshuffle will also see chief operating officer Chase Carey step down and take on an advisory role instead.
Melbourne-born Rupert Murdoch inherited News Limited following the death of his father.
Over the subsequent decades he acquired several Australian newspapers, before expanding to the UK and the US.
He established News Corporation in 1979.
