LONDON, England (CNN) -- Rupert Murdoch is stepping down from his role as chairman of the British broadcaster BSkyB to make way for his son James, long seen as the tycoon's favored successor to take over his media empire.
James Murdoch's tenure at British Sky Broadcasting was viewed as a success.
James Murdoch, who has been appointed non-executive chairman of BSkyB, will also head up the Asian and European operations of News Corporation -- the parent company, News Corp. said in a statement Friday.
Murdoch will remain as CEO of News Corp., the world's third largest media conglomerate after Disney and Time Warner.
Based in New York, News Corp. also owns the Fox network, which includes Fox News, as well as broadcasters and newspapers around the world, including the Times and Sun newspapers in Britain.
It recently acquired the Wall Street Journal and is in the process of the completing a takeover of the paper's parent company, Dow Jones.
Murdoch, who is also resigning as a director of BSkyB, is believed to be keen to hand over the reigns of his business empire to his son.
"James is a talented and proven executive with a rare blend of international perspective and deep, hands-on experience in improving operational results," Murdoch was quoted as saying in the statement.
As the CEO of BskyB for the last four years, James Murdoch, 34, is considered to have done a good job. His role in charge of News Corp.'s European and Asian assets will also give him control of Sky Italia and the Star TV network in Asia.
The appointment of James Murdoch, who will step down as CEO of BskyB, was made following consultations with major shareholders, News Corp. said.
In a separate move, Les Hinton -- a respected figure in the British newspaper market -- has been appointed the new CEO of Dow Jones.
Hinton, current executive chairman of News International, the holding company for the Times, Sunday Times, Sun and News of the World newspapers, has been a huge influence on the British newspaper empire and plays a key role in appointing editors and deciding strategy.
According to the British newspaper the Guardian, News Corp. is also expected to announce that Robert Thomson, the editor of the Times, will move to New York to become publisher of the Wall Street Journal.
