Rupert Murdoch is stepping down as chairman of Fox Corporation and News Corp., Fox has announced.
His son, Lachlan Murdoch, will become the chair of News Corp. and continue as executive chair and chief executive officer of Fox Corporation.
"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted," the statement added. Murdoch, who inherited an Adelaide, Australia-based local newspaper from his father in 1952, established that country's first national newspaper roughly a decade later, according to theHe went on to acquire the United Kingdom-based News of the World and The Sun in the late 1960s, and soon after expanded his media empire to the U.S. with acquisitions of the New York Post, New York Magazine and The Village Voice.
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