Murdoch founded News Corporation in 1979 and has been at the helm ever since. 21st Century Fox was a spin-out of the now-defunct media conglomerate.
Evan Agostini / AP
Rupert Murdoch is preparing to step down as the CEO of 21st Century Fox, according to CNBC, and plans to hand control of the media conglomerate.
CNBC, citing unnamed sources in the Murdoch family, said the announcement will come soon though it's not clear when Murdoch would step aside.
This is a developing story. Check back for updates and follow BuzzFeed News on Twitter.
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