Chairman of the broadcasting giant 21st Century Fox, Rupert Murdoch is planning to step down from his role and make way for his son to take his place. Although Murdoch is resigning from his current position, the media mogul has no intentions of breaking his ties with the company as he plans to continue the association as Executive Chairman while he has suggested his youngest son James Murdoch‘s name for the position of CEO.

James Murdoch is currently working as the company’s Co-COO while elder brother Lachlan is currently the nonexecutive co-chairman. Official announcement regarding Rupert’s decision to step down haven’t been made yet so it is difficult to say when the decision will take effect. Fox president and COO Chase Carey would step down from his role and take on an undefined advisory role at the company. He is expected to do so through the end of his current contract, until mid-year of 2016.

According to a source from Fox, The matter of succession is on the company’s agenda at their upcoming regularly scheduled board meeting. Reportedly industry analysts had predicted that James Murdoch will emerge as the successor of the company as Lachlan has been less interested in the day-to-day activities of the business. 21st Century Fox was formed by the splitting of entertainment and media properties from News Corporation.

Having given a chain of successful series like X-Men, Ice Age, The Transporter, Night at the Museum, Fantastic Four, among other hit films like Avatar, Taken, Bride Wars, The Devil Wears Prada and The Omen, the 21st Century Fox has an impressive line of films planned ahead. Some of which include Fantastic Four remake, Maze Runner: The Scorch Trailer, The Martian, Kung Fu Panda 3, Ice Age 5, Deadpool, X-Men: Apocalypse and Alvin and the Chipmunks The Road Chip.