Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States.
His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday.
The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family.
ADVISORY FIRM MADISON & WALL'S MEDIA ANALYST BRIAN WIESER
"Logically one would always have expected him to step aside at some point given his age, and the transition to Lachlan has been conveyed to the world for some time."
"His legacy for the industry – and the world - it's mixed."
"Clearly he's done a lot for journalism, and many of his enterprises still produce a lot of important news which helps keep the world informed in ways that might not have occurred were it not for his leadership.
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