Some breaking news out of Bloomberg TV which has just announed that Rupert Murdoch may step down as CEO of News Corp. contingent on his perfomance before parliament tomorrow, and that News Corp COO Chase Carey is being considered as his replacement.

Here is what is known so far:

News Corp. (NWSA) is considering elevating Chief Operating Officer Chase Carey to chief executive officer, succeeding Rupert Murdoch, people with knowledge of the situation said.



A decision hasn’t been made and a move depends on Murdoch’s performance before Parliament Tuesday, said the people, who weren’t authorized to speak publicly. Murdoch would remain chairman, the people said.



Executives are concerned Murdoch, 80, won’t do well answering questions, two people said.

Watch the latest developments here.