Wall Street shrugged off rumors Thursday that Rupert Murdoch was resigning as chief executive officer of 21st Century Fox.
A Fox spokesman said, “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.”
Although he would not divulge when the board meeting would take place, many in the media speculated that it is slated for next week.
Shares of 21st Century Fox fell 0.9 percent, or 5 cents to $32.82.
Murdoch, 84, is said to be planning to turn the ceo job over to his son, James, 42, and remain as chairman. His elevation would mark a return to grace of sorts, following the phone hacking scandal at News of the World, the tabloid owned by News Corp.’s British arm, which erupted in 2011. That scandal ended in the younger Murdoch’s resignation in early 2012 as executive chairman of News Group Newspapers, the holding company of News of the World, and other newspapers. He focused instead on the company’s international TV business, and remained as deputy chief operating officer of News Corp.
Rupert Murdoch’s eldest son, Lachlan, 43, is expected to grab the title of co-executive chairman of Fox, sharing the title with his father. Chase Carey will likely give up the title of chief operating officer but remain at the company in a new role.
Rupert Murdoch is also executive chairman of News Corp., which owns the Wall Street Journal and the New York Post and was split off from Fox in 2013.