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Rupert Murdoch, Creator of Fox News, Stepping Down as Head of News Corp. and Fox Corp.

Rupert Murdoch, the 92-year-old media magnate who created Fox News, is stepping down as leader of both Fox’s parent company and his News Corp. media holdings.

Fox said Thursday that Murdoch would become chairman emeritus of both companies. His son, Lachlan, will become News Corp. chairman and continue as chief executive officer of Fox Corp.

Lachlan Murdoch said that “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”

Besides Fox News, Murdoch started the Fox broadcast network, the first to successfully challenge the Big Three of ABC, CBS and NBC. details ⇒

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