Rupert Murdoch is preparing to give his two sons greater roles at Twenty-First Century Fox, according to multiple reports on Thursday.

Lachlan Murdoch, 43, currently non-executive chairman, will become executive co-chairman along with his father.

James Murdoch, 42, the company’s co-chief operating officer, will become CEO, according to the reports.

CNBC first reported the story based on sources who requested anonymity.

Murdoch, 84, one of the world’s most powerful media moguls, will remain the controlling shareholder of the company behind Fox News Channel, Fox broadcast network and the 20th Century Fox movie studio, through a family trust.

He has been CEO since 1979 and chairman since 1991.

Rupert Murdoch is also the executive chairman at News Corp, the company that now contains The Wall Street Journal and New York Post newspapers and book publisher HarperCollins.

Spokespersons for 21st Century Fox did not comment.

Fox shares closed Thursday down 6 cents, at $32.90.