Murdoch Grooms Son to Succeed Him

Rupert Murdoch's son James will be put in charge of News Corp. in Europe and Asia, making him heir apparent to his father's throne, sources tell Bloomberg. James has been in charge of pay-TV provider British Sky Broadcasting Group since 2003; during his tenure the company has more than doubled its net income and increased sales by over 40%.

"Rupert gave him a very tough assignment and he passed it with flying colors," said an investment manager. In his new role, James Murdoch will rejoin the News Corp. board. He will be in charge of Asian broadcaster Star Group Ltd., U.K. newspaper company News International, and Sky Italia. (More Rupert Murdoch stories.)