report made on 7 Dec 2007
Rupert Murdoch's global media empire now has its crown prince.
34-year-old James Murdoch, younger son of the media tycoon, has been named chairman and chief executive of News Corporation in Europe and Asia.
This move appears to mark him out as the obvious heir apparent of his mogul father.
Murdoch junior will step down from his current role as BSkyB chief executive, and replace his father as the UK satellite broadcaster's non-executive chairman.
Rupert Murdoch described his son as a "talented and proven executive". He said his son has a rare blend of international perspective and deep, hands-on experience in improving operational results.
In his new post, James Murdoch will also run News Corp's Wall Street Journal Europe, the British newspapers The Times and The Sun, as well as pay-TV firms Sky Italia and Star TV.
Rupert Murdoch, arguabaly the world's most powerful businessman, has recently instigated a series of moves to shake up his family-controlled media groups.
However, James Murdoch's elevation to the chairmanship has caused controversy in the UK. It's understood that British investment institutions dislike chief executives becoming chairman of their respective companies.
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