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Rupert Murdoch to Step Down

Rupert Murdoch is stepping down as the chairman of Fox and News Corp. His son Lachlan Murdoch will take over as the chairman of News Corp and remain Fox Corp's executive chair and CEO. The move will take place in November in a memo to employees. Murdoch wrote quote for my entire professional life. I have been engaged daily with news and ideas and that will not change. But the time is right for me to take on different roles knowing that we have truly talented teams. He went on to note our companies are in robust health as M I Murdoch, by the way, is 92 years old.