BUSINESS

Fox says transition will take effect July 1

Staff Writer
Columbus CEO

NEW YORK (AP) — Twenty-First Century Fox says Rupert Murdoch will turn over more power to his sons on July 1, as James Murdoch will become CEO and Lachlan Murdoch will become executive co-chairman of the company that day.

Sources with knowledge of the matter had said last Friday that those changes were coming, but the dates were not confirmed. Twenty-First Century Fox says its corporate functions and TV and film operations will jointly report to the younger Murdochs.

Eighty-four year-old Rupert Murdoch is currently the CEO and chairman of the company.

Chase Carey, the president and co-chief operating officer, will stay with the company for until June 2016 as executive vice chairman.

In March 2014 the company named James, 42, as co-chief operating officer and Lachlan, 43, was promoted to nonexecutive co-chairman.