Rupert Murdoch, 92, announced his resignation as chairman of Fox Corporation and News Corp, and his son will fill in for both roles.
Murdoch bought 20th Century Fox from Marvin Davis for $600 million in 1985 before which he was in the newspaper business.
In 1986, he bought several U.S. T.V. stations and created Fox Broadcasting.
In 1996, he launched Fox News to compete with CNN and became the No. 1 American cable news channel.
FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi Media Group are some brands that distribute content under Fox Corp.
In 2019, Fox Corp. separated from 21st Century Fox.