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billionaire media tycoon rupert murdoch is getting ready for change the eighty four year old is planning to step down as c. e. o. of twenty first century fox the biggest part of his media empire but will remain executive chairman last year murdoch elevated sons lachlan two co chairmen and james to co chief operating officer now james is likely to get a bigger promotion to the role of c. e. o. overseeing the day to day operations of the unit which includes movie studios and cable channels and has a market value of roughly sixty eight billion dollars , offices in new york city , james murdoch has had time to redeem himself and try to prove to investors that he can take on the role as c. e. o. not remember his reputation was severely damaged a when the u. k. tabloid hacking scandal broke out under his watch i. it sparked public outrage in parliamentary hearings and it %HESITATION threatened his father's legacy sent him back to the u. s. packing with a demotion but since then he has been instrumental in helping to transform our boxes digital properties including a taking a stake in the hotmedia start up vice is also been instrumental in helping b. sky b. transform itself into a european pay t. v. powerhouse , but the older murdoch won't be too far rupert who built his company from a local newspaper operation to a global media conglomerate still have the last say on all decisions , fox confirms changes at the top will be discussed at its next scheduled board meeting but what the statement doesn't make clear is when an announcement will actually be made or when the changes will take effect , the leaks however suggest that after years of investor worries over who will lead fox , rupert finally believes , the next generation of murdoch's , are ready to take over