Lachlan Murdoch takes the reins at Fox as Rupert retires

Lachlan Murdoch, left, and Rupert Murdoch attend the TIME 100 Gala in New York on April 21, 2015. Media magnate Rupert Murdoch is stepping down as chairman of News Corp. and Fox Corp., the companies that he built into forces over the last 50 years. Credit: Evan Agostini/AP/AAPImage

Rupert Murdoch has stepped down as chairman of both Fox and News Corp. He will hand over to his son, but remain involved as an emeritus chairman. Many believe the move may change the face of media and politics around parts of the world.

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