One of the world’s most famous corporate leaders, Rupert Murdoch is reportedly prepping to step down from his position atop a massive global media conglomerate.

Bloomberg reports that the 84-year-old Murdoch will step down as CEO of 21st Century Fox, a company that includes TV (FOX, Fox News, FX, Fox Business, the various Fox Sports networks, and many others), movies (20th Century Fox, Fox Searchlight and others), and international cable and satellite TV operations like Sky.

Murdoch’s News Corp. acquired 20th Century Fox 30 years ago. In 2013, much of News Corp’s media business was spun off into the new 21st Century Fox with Murdoch as CEO of both companies.

According to Bloomberg, Murdoch will keep the Fox business in the family, with son James set to inherit the title of CEO. James is currently the company’s co-Chief Operating Officer.

Rupert will remain chairman at Fox while his other son Lachlan will be appointed co-executive chairman.

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