By Claire West

Rupert Murdoch is stepping down as 21st Century Fox chief executive of in two weeks and will turn over more power to his sons James and Lachlan on July 1.

Murdoch, who is 84, will hand over the job to his son James, who is currently the group's co-chief operating officer while Lachlan Murdoch, 43, will become executive co-chairman of the company.

Rupert Murdoch, who will remain as an executive co-chairman said: "It 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."