Reports: Rupert Murdoch's son to take over as Fox CEO

Rupert Murdoch is preparing to hand over the CEO job at Twenty-First Century Fox Inc. to his son, James, according to multiple media reports.

James Murdoch, 42, is the company's co-chief operating officer. His brother Lachlan, 43, currently non-executive co-chairman at Fox, will become executive co-chairman along with his father, according to the reports.

Fox News reported the pending move in a story attributed to Rupert Murdoch on its website. CNBC first reported the plans on sources close to the situation who requested anonymity.

Rupert Murdoch, 84, one of the world's most powerful media barons, is also the chairman and controlling shareholder of the company behind Fox News Channel, Fox broadcast network and the 20th Century Fox movie studio, through a family trust that owns shares.