Rupert Murdoch, soon-to-be former CEO of 21st Century Fox. REUTERS/Lucy Nicholson Rupert Murdoch is getting ready to step down as the CEO of 21st Century Fox, according to CNBC's David Faber.

Murdoch's son James will take the reins as CEO, but the elder Murdoch is expected to remain as executive chairman of the company.

Murdoch's other son, Lachlan, is expected to take a role as executive cochairman at the company.

Faber reports that an announcement is expected in the near future, and it is unclear whether the reorganization will take place later this year or in 2016.

In addition to the shuffle at the top of the organization, Fox COO Chase Carey will also step down and take an "undefined role as an adviser at the company."

Citing sources, Faber reports that the plans have been shared "openly," with the Murdoch brothers' new roles as a "partnership."

Following the news, shares of 21st Century Fox were little changed.

Faber notes in his report that Carey's stepping aside as COO will leave the very top of the organization solely in the hands of Murdochs for the first time, though sources told Faber investors thought James had "matured as a leader." Following this shake-up, James is expected to have the primary role running Fox, while Lachlan will have a broader strategic role.

Last summer, Fox made a failed attempt to acquire Time Warner in what would have been a deal that would have reshaped the media industry. This deal fell through after Time Warner declined to discuss the matter with Fox leadership.