Rupert Murdoch is retiring as chairman of Fox Corporation and News Corp.

His son, Lachlan Murdoch, will lead News Corp.

Rupert Murdoch worked in the media industry for 70 years.

News Corp owns major media properties including The Wall Street Journal.

Rupert Murdoch will be chairman emeritus starting in November

Fox Corp, parent of Fox News, recently faced controversies.

Rupert Murdoch is retiring as chairman of Fox Corporation and News Corp.

Parted ways with Tucker Carlson.

Murdoch expressed regret for not denouncing election misinformation stronger.

Murdoch's media empire spanned Australia, the UK, and the US.