On Tuesday, 21st Century Fox announced that Rupert Murdoch will elevate his sons James and Lachlan into top leadership roles in his entertainment empire.

The company said James 42, currently co-chief operating officer, will become the CEO while older son, Lachlan 43, will be elevated from non-executive co-chairman to executive co-chairman.

Chase Carey, who is currently chief operating officer and the elder Mr. Murdoch's right-hand man, will become executive vice-chairman. He will remain with the company through the end of his contract, which expires June 30, 2016. The changes will take effect on July 1.

Rupert Murdoch said, "Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry".

Rupert also praised Mr. Carey and mentioned that he said will be actively engaged in supporting Lachlan and James as they step into their new roles.

The company said its corporate functions and its global television and film operations will be jointly reported to Lachlan and James Murdoch.

Shares in 21st Century Fox shares have dipped slightly ever since news of the succession process broke. The shares dropped from $US32.90 on Friday morning to about $US32.26 on Wednesday morning.