Rupert Murdoch Sets 21st Century Fox Succession Plan to Include Sons

The torch at 21st Century Fox, parent company of Fox News Channel, will soon pass from Rupert Murdoch to his son, James, the news channel reported Thursday.
Murdoch, the 84-year-old executive chairman and chief executive officer -- and controlling shareholder of the company -- announced that James, currently the company's chief operating officer, will take on the CEO role, but did not say when the change will formally take place. The older Murdoch will continue to be the executive chairman of Fox, while another son, Lachlan, will become an executive co-chairman of the company, according to Stuart Varney, host of Fox Business Network’s “Varney & Co.”