German paid television provider Sky Deutschland, a controlled entity by News Corp., dipped after magazine reports of the company's plan to remove its current Supervisory Board Chairman Chase Carey with James Murdoch before 2014.

Billionaire Rupert Murdoch and his son James Murdoch will work with Sky Deutschland's Chief Executive Officer Brian Sullivan according to the said magazine. Sullivan and the Murdochs are reported to have close ties.

Manager Magazin divulged the plan.

Sky Deutschland's shares plummeted to as much as 2.7 percent to Eur4.93 in Frankfurt today. The value of the company was at Eur4.4 billion or $5.8 billion.

According to the young Murdoch, being part of Sky Deutschland's supervisory board gives him the opportunity at new success in the European zone. He was involved in a phone hacking scandal in the United Kingdom where he served as board member of the British Sky Broadcasting Group Plc.

Carey have been Chief Operating Officer of News Corp since July 2010.