It’s official — Rupert Murdoch has resigned as chief executive officer of 21st Century Fox.

The news follows widespread reports last week that the 84-year-old media giant would step aside, handing the title of ceo to son James, 42, who served as co-chief operating officer.

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, the company’s deputy chairman, president and chief operating officer, will grab the reins as executive vice chairman through June 30, 2016.

The management changes take effect on July 1.

The company’s corporate functions and global, television and film operations will now jointly report to Lachlan and James.

“It has always been our priority to ensure stable, long-term leadership for the company, and these appointments achieve that goal,” Rupert Murdoch said, before turning to Carey, who was left out of the succession plan.

“I can’t thank Chase Carey enough for his friendship, counsel and leadership over the past decades. He will be actively engaged in supporting Lachlan and James as they step into their new roles,” Murdoch offered.

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