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Former Chief Executive Officer of 21st Century Fox, Rupert Mudoch has relinquished his position to his second son, James Mudorch, who before now was the co-COO of the company.

According to a statement by the media house, the change will take effect from July 1, 2015.

In the same vein, Lachlan Murdoch, who is Rupert's first son, will become executive co-chairman, with his 84-year-old father as he would be dumping his current position as nonexecutive co-chairman from July 1, 2015.

COO and president Chase Carey will become executive vice chairman once James takes over as CEO.

"The company’s corporate functions and its global television and film operations will now jointly report to Lachlan and James Murdoch," the company said in a recently released statement.

't has always been our priority to ensure stable, long-term leadership for the company, and these appointments achieve that goal. Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry,' Rupert Murdoch said in a statement.

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