Rupert Murdoch steps down as Fox chairman

Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and News Corp, with his son Lachlan to head both companies.

In a memo to employees, Murdoch said "the time is right" for him to take on "different roles".

Murdoch, 92, launched Fox News in 1996.

It is now the most watched TV news channel in the US.

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