Breaking: Rupert Murdoch Stepping Down as Chairman of Fox and News Corp.

Billionaire media mogul Rupert Murdoch announced Thursday that he is stepping down as the chairman of Fox and News Corp. and appointing his eldest son, Lachlan, as his successor.

“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch said in a note to staff. “But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.”

Murdoch, 92, is widely credited as one of the most influential media figures of the 20th century. His career began with the acquisition of several Australian newspaper chains in the 1950’s. He went on to acquire several U.K. tabloids and, eventually, entered the film business with the purchase of Twentieth Century Fox in 1986. He ten became a major player in American political media when he launched Fox News in 1996 as a competitor to CNN helmed by Republican operative Roger Ailes.

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Rupert Murdoch Stepping Down as Chairman of Fox and News Corp.

Murdoch’s eldest son, Lachlan, will succeed ... READ MORE

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