Conservative media mogul Rupert Murdoch hands empire to son Lachlan

Rupert Murdoch, an Australian-American media entrepreneur and business magnate, has resigned as chairman of Fox Corp and News Corp., capping a career spanning more than seven decades in which he built a media empire spanning Australia and the United States. With effect from the next Annual General Meeting of Shareholders of each firm in mid-November, he will resign as chairman of each board.