Rupert Murdoch¡¯s decision to step down as chairman of Fox Corporation and News Corp leaves his son, Lachlan Murdoch, with a daunting task ¡ª steering the family¡¯s cable TV and newspaper companies around two troubled industries.
Murdoch¡¯s media empire, which he built over seven decades, has long been seen as a giant, with enormous influence over news, entertainment and politics. But since selling most of its film and TV business to Walt Disney for $71.3 billion in 2019, Fox has become a relative minnow in a sea of whales, with a heavy focus on news and sports. It¡¯s still heavily dependent on the declining businesses of cable TV and print.
Murdoch, 92, said on Thursday he¡¯s leaving the boards of Fox and News Corp, capping a career that started with a small Australian newspaper business. He becomes chairman emeritus of each.
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