Rupert Murdoch

Rupert Murdoch, the 84-year-old chief executive of Twenty-First Century Fox Inc, is preparing to step down and name his son James as successor at the entertainment conglomerate behind Fox News and the studio that makes "X-Men" movies, CNBC and Bloomberg reported on Thursday.

The elder Murdoch would stay on as chairman, according to CNBC. James Murdoch would work in tandem with his 43-year-old brother Lachlan in a "partnership," the CNBC report said, adding that Rupert would still have the final say in whatever goes on at Fox.

Rupert Murdoch, who began building his media empire 60 years ago, is relishing the chance “to do it all over again” with his newly streamlined publishing company that has $2.6 billion in cash to fuel acquisitions.

The new News Corp. (NWSA), the owner of the Wall Street Journal and Dow Jones that split from the entertainment division last week, has more cash at its disposal than any other publisher, according to data compiled by Bloomberg.

One evening in October of last year, after a reported couple of drinks in a Brooklyn bar, Rupert Murdoch was giving a good impression of a man who thought he had seen the future. From his car on the way home he tweeted: "Who's heard of VICE media? Wild, interesting effort to interest millennials who don't read or watch established media. Global success."

The months since have served to emphasise the Digger's clairvoyance

When Rupert Murdoch's iPad-only newspaper launched early last year, many people predicted it was not long for this world.

This was in part because of the massive amount of money News Corp. was pouring into the project--the word was that 'The Daily' had a $60 million annual budget--and in part because of skepticism that readers really wanted to pay $1 a week ($40 a year) for yet another generalist magazine/newspaper when the world is now completely awash in news.

The conclusion about the world’s most influential media tycoon went much further in lambasting Mr. Murdoch than had been expected from Parliament’s select committee on culture, media and sport, which has conducted several inquiries into press standards in recent years, the most recent starting last July as the hacking scandal burrowed ever deeper into Britain’s public life.

But the impact of the report by the all-party committee was blunted by divisions within the panel itself. Presaging further disarray within Britain’s strained coalition government, the committee said it had split, 6 to 4, on party lines

A high-profile parliamentary panel investigating phone hacking at Rupert Murdoch’s now-defunct News of the World tabloid released embarrassing new evidence Tuesday that the practice of intercepting voice mail had been widely discussed at the newspaper, contradicting assertions by its owners and editors.

In light of the new evidence, the panel also announced that it was summoning at least four former News of the World figures for questioning at a hearing next month and could possibly ask Mr. Murdoch’s son James, the head of the Murdoch conglomerate’s European operations, back for more testimony as well.

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