Liberals everywhere, rejoice! Conservatives everywhere, mourn! Rupert Murdoch is preparing to step down as the longtime CEO of 21st Century Fox. Murdoch’s son will be taking his place on the media empire’s throne…though old dad will stay involved.

So, as it turns out, maybe dial back the rejoicing and mourning.

The recent announcement has son James handling primary management of Fox while working in strong partnership with brother Lachlan, who will tackle broader strategy as co-executive chairman, says CNBC.

Although the handoff marks the end of an era for one of the world’s most influential media executives, the eldest Murdoch still holds nearly 40 percent of voting shares. Given this, the 84-year-old media mogul is expected to remain chairman of both Fox and News Corp.

The shuffle brings on a bit of additional restructuring, however, as Chase Carey will move out of his position as president/COO and into a currently undefined advisor role. This will mark the first time the company’s been without a non-family member at the senior management level.

This plan will likely stir some eyebrows, or continue to keep them raised, due to the suspected involvement of Rupert and James in the company’s phone-hacking and improper conduct scandal several years ago.

A company spokesperson said succession plans will be discussed at the next regularly scheduled meeting.