Rupert Murdoch's 21st Century Fox announced Tuesday a shakeup that puts the 84-year-old tycoon's son James in the chief executive job effective July 1.

The board of the media-entertainment conglomerate approved the plan in which the Australian-born magnate would step out of his CEO role and become co-executive chairman with his other son Lachlan, a company statement said, confirming leaks from sources last week.