By Jonathan Davies

Rupert Murdoch is set to step down as chief executive of 21st Century Fox, according to media reports.

The 84-year old will remain as executive chairman and have the final say on major decisions. His son James Murdoch will replace him as chief executive and manage the day-to-day running of the company.

The other Murdoch son, Lachlan, will become executive co-chairman.

James Murdoch has been operating as co-CEO since leaving his position as BSkyB boss.