Rupert Murdoch steps down as Fox and News Corp chairman in favour of son Lachlan

Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and News Corp, with his son Lachlan to head both companies. Lachlan Murdoch, 52, is the son of Rupert Murdoch and his second wife, Anna Maria dePeyster. The Murdoch move falls a year before the US presidential election, in which right-leaning Fox News has significant influence. Journalist Michael Wolff is set to release a highly anticipated tell-all book about Fox's ruling family in just a few days, titled "The Fall: The End of Fox News and the Murdoch Dynasty". Until today's announcement, Lachlan Murdoch had served as the executive chair of Fox Corporation and Nova Entertainment.

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