• The Guardian, Tuesday, March 3, 2009 10 AM

News Corp.'s CEO Rupert Murdoch is planning to relinquish substantial powers to son James and to give him a major role in the U.S. Such a management shakeup was expected following the announcement last week that Murdoch's right-hand man, Peter Chernin, would step down as president of News Corp. at the end of June, ending a 20-year reign.

Chernin ran Fox Group, the TV and film division responsible for hits such as "Titanic" and "The Simpsons." Control of this Los Angeles-based business will now pass to the Murdochs. Insiders say the long-standing plan is that rather than James Murdoch simply replacing Chernin in the vacant No. 2 seat, he will assume even greater control from his 77-year-old father.

James Murdoch has spent just 15 months as chief executive of the company's operations in Europe and Asia and chairman of BSkyB, in which News Corp is the largest shareholder.

Read the whole story at The Guardian »