Rupert Murdoch stepping down from 21st Century Fox

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

NEW YORK (CNNMoney) –Rupert Murdoch, one of the world’s most influential media executives, is planning to step down as CEO of 21st Century Fox, according to a source with knowledge of the matter.

Murdoch, 84, is expected to hand over the reins to the media empire to his son James, but he will remain executive chairman.

Murdoch’s decision was first reported by CNBC.

By Brian Stelter