The torch at 21st Century Fox, parent company of Fox News Channel, will soon pass from Rupert Murdoch to his sons, James and Lachlan.

Murdoch, the 84-year-old executive chairman and chief executive officer -- and controlling shareholder of the company -- will discuss the succession plan at the company's next board meeting. The plan reportedly calls for James to become CEO and Lachlan to serve as co-executive chairman. James currently is the company's chief operating officer.

Rupert Murdoch would continue to serve as executive chairman, according to Stuart Varney, host of Fox Business Network’s “Varney & Co.” Fox News Chairman and CEO Roger Ailes will continue to run the news network, reporting directly to Rupert Murdoch, according to Fox News Channel.

As the chief executive officer, James Murdoch, 42, would take over the day-to-day management of 21st Century Fox's media companies. He previously ran BSkyB before becoming chief operating officer of 21st Century Fox.