New York Times new boy Tim Arango reports that James Murdoch, Rupert's younger son, will step down as the head of British Sky Broadcasting in order to take on a newly created position which makes him the number 3 executive in News Corp., behind his father and New Corp. president Peter Chernin.

The Times confirms that the timing of the move is related to News Corp.'s acquisition of Dow Jones, which goes into effect next week.