CNN Rupert Murdoch is stepping down from his role as chairman of the British broadcaster BSkyB to make way for his son James, long seen as the tycoon's favored successor to take over his media empire.
James Murdoch's tenure at British Sky Broadcasting was viewed as a success.
James Murdoch, who has been appointed non-executive chairman of BSkyB, will also head up the Asian and European operations of News Corporation -- the parent company, News Corp. said in a statement Friday.
Murdoch will remain as CEO of News Corp., the world's third largest media conglomerate after Disney and Time Warner.
Based in New York, News Corp. also owns the Fox network, which includes Fox News, as well as broadcasters and newspapers around the world, including the Times and Sun newspapers in Britain.
It recently acquired the Wall Street Journal and is in the process of the completing a takeover of the paper's parent company, Dow Jones.
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