Murdoch prepares to pass empire to his sons

Rupert Murdoch will soon pass the reins of the media dynasty that began with his father's Australian newspaper nearly a century ago to his sons.

The specific timing of the handover of 21st Century Fox is unclear. But as James Murdoch prepares to take over as CEO and Lachlan Murdoch as executive co-chairman, some on Wall Street worry about how the pair will run the conglomerate behind Fox News, the Fox broadcast network and the 20th Century Fox movie studio.

The moves were expected to happen eventually, but shares were down slightly when news of the changes came on Thursday.