Rupert Murdoch steps down as chairman of Fox and News Corp

The Australian businessman is set to be replaced in the role at both companies by his son Lachlan Murdoch

Rupert Murdoch at his annual party at Spencer House, St James' Place in London. Picture: PA

Media tycoon Rupert Murdoch is to retire as chairman of his Fox and News Corp businesses.

The Australia-born businessman is set to be replaced in the role at both companies by his son Lachlan Murdoch.