It is expected that Rupert Murdoch will announce that his son will be the new chief executive of 21st Century Fox. It is also being said that he also plans to make his son Lachlan as co-executive chairman of the company.

Murdoch will continue to be executive chairman. For now, it is not clear that as to when these changes will be implemented. Two people known to the matter said that Rupert's long-term succession plans could be considered at a board meeting to be held next week.

The succession plans are not because he is ill or something. He is quite energetic and regularly comes to office. As per the plan, Chase Carey will step down from the post of chief operating officer at Fox and will work as an adviser to the company.

Both the brothers, James and Lachlan share good relationship. But another person knowing about the situation said that problems can arise over which son will ultimately succeed their father. For now, there is no change at Fox News, which is no doubt a lucrative business.

There is no denying that Rupert Murdoch's media empire has considerably changed the journalistic landscape in many countries. The company said that it has nothing to announce. "The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting", said Nathaniel Brown, a Fox spokesman.