Rupert Murdoch has announced that he will step down as chairman of Fox Corporation and News Corp. His son, Lachlan Murdoch, will become sole chairman of both companies. Rupert Murdoch called his son “a passionate, principled leader.” This announcement marks a significant transition in the leadership of these media giants. Rupert Murdoch is known for his extensive influence in the media industry, having played a key role in the creation and growth of Fox News, among other ventures. It remains to be seen how this leadership change will impact the direction of these media organizations. The 92-year-old media mogul started in the newspaper business in the 1950s and became a prominent Hollywood executive in 1985 after purchasing Twentieth Century Fox from oilman Marvin Davis for $600 million. Murdoch entered the TV business in 1986 after buying several US television stations creating Fox Broadcasting.