Holy Cow! Media Tycoon Rupert Murdoch Is Stepping Down as CEO of Fox

Rupert Murdoch is leaving media mega-giant 21st Century Fox -- but he's keeping control of the company in the family.

Murdoch was the CEO of News Corporation from 1979 until 2013, when it split into two branches, News Corp and 21st Century Fox. 21st Century Fox owns and operates the Fox television network (including Fox News) as well as movie studio 20th Century Fox, among other entertainment properties. Murdoch has been the CEO of 21st Century Fox since the 2013 split.

One of Murdoch's sons, James, will take over as CEO, according to CNBC. His other son, Lachlan, will become a co-executive chairman. A formal announcement about Murdoch's departure has not yet been made.

News Corp rebrands to 21st Century Fox

Rupert Murdoch is 84 years old, and reportedly, this transfer has been the plan for a long time. The Murdoch Family Trust controls 39.4 percent of the controlling votes at the company. Though Rupert will be stepping down from the top job, it is expected that he will continue to work as a co-executive chairman along with Lachlan.

A spokesperson for Fox told CNBC that the shift is on the agenda for the next board of directors' meeting.

As the brothers step up, another legacy executive will step down, or at least sideways: Chief operating officer Chase Carey will reportedly leave his post and take on an adviser role. This will be the first time since 2009 that the company has solely had Murdoch family members filling the executive-level management positions.

Today's video: On the Set: Everything is different on Hannibal Season 3!