The U.S. Media Barons Set To Hand Over Empires to Next Generation
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Four of the largest U.S. media companies will be under new management as patriarchs Rupert Murdoch and Sumner Redstone prepare to hand the reins to their children.
21st Century Fox Inc., one of two media companies controlled by the 84-year-old Murdoch, said Thursday its board will weigh succession at its next meeting. Members are expected to name James Murdoch, 42, the founder’s son, as the next chief executive officer, a person familiar with the matter said. An older son, Lachlan, 43, is chairman of News Corp., which owns the Wall Street Journal and is also controlled by the Murdochs.
A similar transition is taking place at CBS Corp. and Viacom Inc., where an increasingly frail Redstone, 92, has designated his daughter Shari Redstone, 61, and her 29-year-old son Tyler Korff as the sole family representatives among seven trustees who will oversee controlling stakes in both companies after he dies.
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