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The Murdoch's are showing the world how to set up a succession plan. In what seems like a seamless transition, Rupert Murdoch has said he will hand the reins of 21st Century Fox to his son James. Both James and Murdoch's other son Lachlan have long worked in their father's businesses. And while James Murdoch's career may have been marred at one point by the phone hacking scandal in Britain, he's now become a seasoned and respected media executive. In other news with the reorganization, Chase Carey will step down from his role as CEO at Fox and work as an adviser to the company.

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