Rupert Murdoch stepping down as chairman of Fox and News Corp.

Media mogul Rupert Murdoch is retiring in November as the chairman of Fox and News Corp., a significant shift for a company that has significantly shaped political discourse across the country and particularly on the right for decades.

Murdoch, 92, will transition into a new role as chairman emeritus for both companies, and his son, Lachlan Murdoch, will become sole chairman of News Corp and continue as CEO and executive chairman of Fox Corporation.