Rupert Murdoch is preparing to step down as chief executive of the media-entertainment conglomerate 21st Century Fox and hand the job to his son James, CNBC television reported Thursday.

The report, citing "numerous sources close to the Murdoch family," said the 84-year-old tycoon would remain executive chairman of the group with his other son Lachlan as co-chairman in the move this year or in early 2016.