Murdoch plans to step down as CEO of 21st Century Fox

Rupert Murdoch, chairman and CEO of 21st Century Fox, plans to step down as CEO of the media company, according to a person familiar with the matter.

In a widely anticipated move, the 84-year-old mogul will hand the title to his son James, the person said, requesting anonymity because the plan still needs approval of the company's board of directors. James Murdoch is currently 21st Century Fox's co-chief operating officer, sharing the title with company president Chase Carey.

Shares of 21st Century Fox (FOX) are down 1% to $32.53.

CNBC first reported Thursday about 21st Century Fox's plan.

Murdoch, who is the company's controlling shareholder, will stay on as the executive chairman of the board, a role that will continue to give him firm control of pressing corporate matters while his 42-year-old son runs daily operations.

Murdoch's eldest son, Lachlan, 43, would become an executive co-chairman of the company in the reorganization and work closely with his brother and father, the person said. Lachlan Murdoch is currently non-executive co-chairman of the company's board.

The reorganization proposal also calls for Carey to step down from the co-COO role and become an advisor. He will work with the company until his contract expires in the middle of 2016.

"An announcement is expected in the near term," CNBC says.

The succession plan was set in motion in March, 2014 when 21st Century Fox promoted James Murdoch to the post of co-COO. Lachlan Murdoch also was then named to the role of co-chairman, marking his return to the company after leaving to start Australian private investment firm Illyria in 2005.

In June, 2013 Murdoch's media empire, called News Corp at the time, split into two companies. Twenty-First Century Fox kept its growing TV and film assets. The publishing business, which includes The Wall Street Journal, New York Post, Dow Jones and book publisher HarperCollins, was spun off and retained the corporate name News Corp.