The famous Canadian dynasty, the Irving family, is reportedly moving towards breaking up its $6 billion empire, which controls huge business concerns in New Brunswick.

The 125-year-old dynasty is controlled via a number of JD Irving Limited Bermuda-registered entities, and the Island became the final home for company patriarch Kenneth Colin Irving before he passed away in 1992.

Since then it has been Mr. Irving's three sons JK, Arthur and Jack who have overseen the various elements of the business, which includes media, oil and energy, and forestry.

Now, with the three brothers all in their 70s, it is the next generation of the Irving family which is taking control of the empire and that is leading towards a break-up of the business in to separate entities, reports the Canadian newspaper The Globe and Mail.

The Irving family is the third richest in Canada.

According to the newspaper, sources claim the family started moving towards the idea of breaking up the company a few years ago as tensions of succession within the dynasty surfaced.

Any restructuring of J.D. Irving Limited will entail multiple jurisdictions, as the corporate structure involves Canada, the US as well as Bermuda.