Fox Business: Rupert Murdoch, founder and longtime hands-on leader of the media and entertainment empire he built, is handing over the reins of 21st Century Fox to his two sons, the company’s board of directors announced. The elevations of brothers James and Lachlan Murdoch to top positions in the company was widely expected after being reported last week. 21st Century Fox had confirmed that a succession plan for replacing Rupert Murdoch was on the agenda for the company’s board of directors meeting held Tuesday in New York. The moves will take effect July 1, according to a statement released by the company shortly after markets closed.