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Rupert Murdoch steps down as CEO of 21st Century Fox, replaced by his son, James

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But he'll still have a big voice at the company

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Rupert Murdoch — billionaire, octogenarian, media baron — has stepped down as the CEO of his empire, 21st Century Fox. He is handing the reins to his son, James Murdoch. Up until 2012, James was the chairman of BSkyB, the parent company of the news organization that claimed it was "editorially justified" in hacking the email accounts of several UK citizens. At the time it seemed that scandal might prevent him from filling the role of Murdoch's media heir, but family ties won out in the end.

At this point, it seems unlikely that the restructuring will have much of an effect on the day-to-day functions of the company. Rupert will still be an executive at the company. COO Chase Carey is shifting over to become executive vice chairman. Rupert's other son, Lachlan, will become an executive co-chairman. Murdoch is still the chairman of both Fox and News Corp.

James is the new CEO, in other words, but he'll have plenty of friendly advice from a small council not of his own choosing. Lachlan and James, in a joint statement, said "we are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company." Long may they reign.