" Rupert Murdoch is preparing to hand over the CEO job at Twenty-First Century Fox Inc. to his son, James, while his other son, Lachlan, will become executive co-chairman, according to a person with direct knowledge with the matter. Murdoch, 84, one of the world's most powerful media magnates, will become executive chairman and remain deeply involved in the company, while his sons are to run the business in a partnership, the person said.