Although still underway, Rupert Murdoch, CEO and founder of conglomerate 21st Century Fox, Inc., is preparing to step down from his position at 84 years old.

A report from Bloomberg News details that his son, James Murdoch, is allegedly taking over his title. Rupert Murdoch will remain as the chairman of the company. His other son, Lachlan, will take over the role of co-executive chairman.

The Murdochs own Fox as well as News Corp., which owns the Wall Street Journal.