Rupert Murdoch's sons set to Fox trot

Media titan Rupert Murdoch’s reported plans to hand over the reins of 21st Century Fox Inc. to his two sons came as little surprise yesterday to analysts and people in the industry, who questioned what impact the long-expected shakeup will have on the formidable empire Murdoch built, Foreign Media rported. “Rupert Murdoch stands out as the last of the red-blooded newspaper barons” said Alan D. Mutter, a former newspaper editor who teaches at the Graduate School of Journalism at the University of California at Berkeley. “He made a number of regrettable decisions ... On the other hand, he built a powerful global newspaper empire and he diversified that empire brilliantly — and presciently — into a series of valuable entertainment brands. [caption id="attachment_77502" align="alignright" width="300"] Rupert Murdoch speaks during a forum on The Economics and Politics of Immigration, in Boston. Murdoch, 84, is preparing to hand over the CEO job at Twenty-First Century Fox Inc. to his son, James, according to multiple media reports .[/caption] “... I doubt the publishing industry will ever see the like of Rupert Murdoch again,” he was quoted as saying. Murdoch’s son, James, 42, will become CEO, while his other son, Lachlan, 43, will become executive co-chairman, according to a source with direct knowledge of the matter. Murdoch, 84, will become executive chairman and remain deeply involved in the company, while his sons are to run the business in a partnership, the source said. The elder Murdoch will retain a grip on the corporation behind Fox News Channel, Fox broadcast network and the 20th Century Fox movie studio through a family trust that owns 38 percent of the voting shares. He has been CEO since 1979 and chairman since 1991.