Rupert Murdoch stepping down as chairman of Fox Corp. and News Corp.

• His son, Lachlan Murdoch, will replace him as chair of both firms.
• Rupert Murdoch will be appointed chair emeritus of both companies.

Details: In a note to staff, Murdoch said, "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 and a passionate, principled leader in Lachlan who will become sole Chairman of both companies."

The big picture: Murdoch steps down at a time of major transition.

• Fox Corp. sold its entertainment assets to Disney for $71 billion in 2019, leaving it mostly focused on live television news and sports, as the cable industry continues to face record cord-cutting.
• News Corp's business has expanded in recent years to include more business data and services. Its publishing business faces a looming threat from artificial intelligence.