James and Lachlan Murdoch will succeed their father Rupert to be in charge of Fox Entertainment and the company management is happy with the transition.
The 84 years old executive of Fox Entertainment has 39 percent voting shares and he decided that it was time to take a well-earned break from his work. Luckily, he has two sons who are ready to take over for him.
Lachlan Murdoch, 43, will become executive co-chairmen of Fox - owner of the Fox TV networks and film studio 20th Century Fox as well as a 39% stake in Sky.
He will be taking the board seat with his father while James will be taking the functional executive position that was voted on by the board of directors. Although independent shareholders are not supportive of the decision, the stakeholders voted for the Murdoch brothers to take over.
Chase Carey will remain at the company for another year to support James and Lachlan Murdoch in their new positions running the media company. The company management will have to report to both the Murdoch brothers which is anticipated to cause some confusions.
The brothers said in a joint statement: "We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company."
Don't Miss: The Best HDR TVs
The decision was confirmed by the company and it will be effective from July 1.