Son James Murdoch will take the CEO job.
Meanwhile, son Lachlan Murdoch will be Co-Executive Chairman of the company.
The other Co-Executive Chairman will be Rupert Murdoch.
According to CNBC, current COO Chase Carey will also remain after the hand-off, in an as-yet undefined advisory role.
The moves have not yet been formally announced, nor has a timeline for the changes in leadership been mentioned.
Rupert Murdoch is currently 84 years old.
Murdoch’s global media started with a single Australian newspaper back in the 1950s.