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Rupert Murdoch is preparing to step down as chief executive officer of 21st Century Fox Inc. and hand the CEO title to his son James, according to a person familiar with the matter.

While it’s unclear whether a reorganization would happen this year or at the start of 2016, Murdoch would stay as chairman, CNBC said earlier, citing unidentified sources close to the family. An announcement is expected in the near-term, the cable channel said.

“The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting,” Fox said in a statement, without elaborating.

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