Murdoch Media Magnate Steps Down... Hands Over to Son

Robert Murdoch has stepped down as Chairman of the boards of "Fox Corp" and "News Corp", concluding a career spanning over seven decades during which he built a media empire that stretched from Australia to the United States. The companies announced today that Lachlan Murdoch will become the sole chairman of News Corp and will continue as Chairman and CEO of Fox. This shift solidifies Lachlan's role as the leader of the media empire, addressing questions surrounding succession within the Murdoch family. In a memo to employees today, Murdoch wrote, "Our companies are doing well, and so am I." The transition comes close to the annual shareholders' meeting for Fox and News Corp in mid-November.