James Murdoch Set For Top Job At News Corporation?

Rupert Murdoch's son James was appointed the deputy chief operating officer of News Corp. NWSA back in March, and now it looks like he may succeed his father as CEO despite the phone hacking scandal at the News of the World which has tarnished both News Corp. and the Murdoch name. At yesterday's hearing in front of the British Parliament, James, 38, took the lead in answering the lawmakers questions regarding the scandal at the News Corp. owned newspaper which has subsequently been shuttered. His performance has left some observers wondering if he is now first in line to succeed his father. The Parliamentary committee grilled the younger Murdoch over settlements of at least $3.2 million he authorized to victims of phone hacking. James told the panel that he was not aware of how widespread the practice was at News Corp. until the beginning of this year. Rupert Murdoch has adamantly said the same thing, although he has apologized repeatedly and called yesterday the "most humble day of my life." “What I've done and what the company has tried to do is adjust our course and behave with propriety,” James told lawmakers. Reports indicated on Tuesday that News Corp. was considering elevating Chief Operating Officer Chase Carey to the CEO position, but that a move would depend upon Murdoch's performance during the three hour session with lawmakers. Yesterday, NWSA shares rallied as James and Rupert answered the committee's questions, which may indicate that shareholders were happy about how the televised event turned out. “Nothing damaging for the company's assets came out of the session,” said Tom Eagan, an analyst at Collins Stewart in New York who has a “Buy” rating on News Corp. shares. “At this point, I don't think there will be a change in power.”