US Media Barons Handing Reins to New Generation

Bloomberg: Four of the largest U.S. media companies will be under new management as Rupert Murdoch and Sumner Redstone prepare to hand the reins to their children. 21st Century Fox is expected to name James Murdoch, the founder’s son, as the next CEO, while an older son, Lachlan, will be chairman of News Corp. A similar transition is taking place at CBS and Viacom, where an increasingly frail Redstone has designated his daughter Shari Redstone and her son Tyler Korff as the sole family reps among trustees who will oversee controlling stakes in both companies after he dies. The new generation of leaders will probably rely less on megamergers to fuel growth and focus instead on digital technology.