Rupert Murdoch, the legendary media mogul, is set to step down as the chairman of Fox Corp and News Corp, marking the end of a remarkable seven-decade career that saw him build a media empire spanning multiple continents. His son Lachlan Murdoch will take over as the sole chairman of News Corp and will continue to serve as the chairman and CEO of Fox, as announced by the companies on Thursday.

The announcement comes as a surprise to many, considering that just a few months ago, the 92-year-old Murdoch abandoned plans to merge his media companies, Fox and News Corp, which would have united his media empire once again. However, it appears that the time has finally come for him to pass on the torch to his son and transition into the role of chairman emeritus.

Rupert Murdoch's departure comes at a crucial time for the media businesses, as they face numerous challenges, including the aftermath of a highly publicized defamation lawsuit. In April, Fox reached a settlement of $787.5 million with Dominion Voting Systems over allegations that the network had deliberately spread false claims about the company's involvement in the 2020 US presidential election. The settlement has sparked discussions about the role and responsibility of media organizations in spreading misinformation.

Despite the settlement, Fox has vehemently denied any wrongdoing in the case. However, this episode has shed light on the relationship between Fox News and the Dominion lawsuit, revealing the potential consequences of spreading false information and the impact it can have on a company's reputation and finances.

Rupert Murdoch's career has been nothing short of extraordinary. He built an extensive media network that encompassed tabloid newspapers, cable television, and entertainment assets, making him one of the most influential media executives in the world. From his early days in Australia, where he took over several newspapers, to his expansion into the UK with the acquisition of The News of the World and The Sun, and finally to the United States, where he launched Fox Corp and Fox News, Murdoch's impact on the media landscape is immeasurable.

As Rupert Murdoch steps back from his leadership role, his son Lachlan Murdoch's position as his successor is solidified. Lachlan will take charge of News Corp, overseeing tabloids such as the New York Post, as well as Fox News and Fox Entertainment. This transition marks a significant moment in the Murdoch family's legacy, as Lachlan steps into his father's shoes and continues the family's media dynasty.

In a memo to employees at the companies, Rupert Murdoch expressed his gratitude and assured them that he would remain actively engaged in the media business. He stated that he would continue to be involved in the "contest of ideas" and would closely follow the work of the companies he founded. Murdoch's dedication to the media industry is evident, as he emphasized his commitment to staying connected to the communities that his companies have built.

Rupert Murdoch's personal life has been as captivating as the stories covered in his tabloid newspapers. The internal power struggles within the Murdoch family have even inspired the popular HBO series "Succession." Murdoch's journey from his early days in the newspaper business to his rise as a media tycoon has been filled with twists and turns, and his influence on the media landscape will leave a lasting legacy.

As Rupert Murdoch prepares to step down, the media industry braces for a new era under Lachlan Murdoch's leadership. With significant challenges ahead, including the ongoing battle against misinformation and the evolving landscape of media consumption, the Murdoch family's influence will undoubtedly continue to shape the future of media.