Fox says promotions for James and Lachlan Murdoch, sons of founder, take effect July 1

NEW YORK, N.Y. – Twenty-First Century Fox said Tuesday that Rupert Murdoch will turn over more power to his sons James and Lachlan on July 1.

James Murdoch, 42, will become CEO and Lachlan Murdoch, 43, will become executive co-chairman of the company that day. News of the Murdoch brothers’ promotions at Fox emerged last week but the timing had not been confirmed.

Twenty-First Century Fox’s holdings include Fox News Channel, Fox broadcast network and the 20th Century Fox movie studio. Corporate functions as well as TV and film operations will jointly report to the Murdoch brothers, the company said.

Eighty-four year-old Rupert Murdoch has been CEO of the company since 1979 and chairman since 1991. He is also the executive chairman at News Corp., the company that now contains The Wall Street Journal and New York Post newspapers and book publisher HarperCollins.

Chase Carey, president and co-chief operating officer, will stay with Twenty-First Century Fox until June 30, 2016 as its executive vice chairman.

In March 2014 the company named James as co-chief operating officer and Lachlan was promoted to nonexecutive co-chairman.