Rupert Murdoch's Resignation Marks End of Era at Fox and News Corp.

Rupert Murdoch, the 92-year-old media mogul, is stepping down as chairman of both Fox Corp. and News Corp., with the move becoming official in November. His son, Lachlan Murdoch, will take over as sole chairman of News Corp. while continuing as Fox Corp.'s executive chair and CEO. Murdoch's departure comes after a tumultuous year at Fox News, including a defamation lawsuit settlement and the exit of top talent. The move also comes ahead of the upcoming U.S. presidential election. Murdoch expressed optimism about the future and his continued involvement in the media industry.