NEW YORK (TheStreet) -- Shares of 21st Century Fox (FOXA) were rising by 0.62% to $32.46 in early market trading Wednesday, after the company announced late Tuesday that James Murdoch will succeed his 84-year-old father Rupert as company CEO on July 1, according to CNBC.
Company founder Rupert Murdoch will stay on as an executive co-chairman along with his other son Lachlan. Current company president and COO Chase Carey will become executive vice chairman.
"It has always been our priority to ensure stable, long term leadership for the company, and these appointments achieve that goal," Rupert Murdoch said in a statement.
New York City-based Twenty-First Century Fox is a diversified global media and entertainment company that operates industry segments including cable network programming, television, filmed entertainment, and direct broadcast satellite television.
Insight from TheStreet's Research Team:
Michael Khouw commented on Twenty-First Century Fox in a recent post on ActionAlertsOPTIONS.com. During the most recent weekly roundup, this is what Khouw had to say about the stock:
We initially recommended a FOXA June 34/38 call spread, which, after a brief rally in the shares, we adjusted to take some profits/reduce risk.
The adjusted position -- the FOXA June 35/37 call spread -- has not done as well due the shares pullback. Adjusting to the more moderate tenor of the shares at the moment (technically the shares actually have a slightly bearish short-term outlook) we have elected to collect some premium to possibly buy some shares at slightly lower levels by selling cash-covered July 32 puts. This trade is principally to be used in conjunction with the earlier call-spread position as the put premium we collect will offset some of the decay.