Melbourne, Dec 7 (ANI): Sources close to Rupert Murdoch have said that the media tycoon is all set to rope in his younger son James Murdoch to take over News Corporation's Asia and Europe operations.

Thirty-four-year-old James, who is currently the chief executive of satellite television operator British Sky Broadcasting Group, is expected to step down soon to take over his new job.

According to NEWS.com.au., James’ return to News Corp addresses long-held investor concern over who will take over the media and communications empire from the 76-year-old chief executive.

"This is grooming James for a larger role longer term at News Corp, " Pali Research analyst Richard Greenfield was quoted, as saying.

"He has proved himself beyond a doubt over the last several years at BSkyB,” Greenfield added.

Murdoch's elder son, Lachlan, 35, once a top executive at News Corp and viewed as the heir apparent, left the company in 2005 to start a new venture, Illyria.

The reshuffling assumes significance as it comes a week ahead of the closing of Murdoch's 5.6 billion-dollar deal to buy Wall Street Journal publisher Dow Jones & Co.

James had played a key role during the strained negotiations with Dow Jones's controlling Bancroft family.

At Sky, its Chief Financial Officer Jeremy Darroch is expected to become CEO, sources said, adding that James Harding would be named editor of Times of London, succeeding Robert Thomson.

Thomson is leading the race for the publisher of The Wall Street Journal, which News Corp is set to acquire. (ANI)