Rupert Murdoch Cedes Control to His Son James

It has been it the works for years and now is the time.

21st Century Fox CEO Rupert Murdoch is preparing to give up his post to his son James. 

The 84-year-old Murdoch would continue as executive chairman of the company. His other son Lachlan would become executive co-chairman.

Chief operating officer Chase Carey, seen as a stabilizing force by Wall Street investors wary of some of Murdoch's gambles, is expected to leave his executive position. He recently signed a contract that gave him an out to leave the company early.

In a statement, 21st Century Fox said, "The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting."

The groundwork for this change was laid last year when Murdoch's sons were given new positions with the company in 2014.

James was named co-chief operating officer and Lachlan was named non-executive co-chairman.