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Fox's Rupert Murdoch steps down as chairman

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Rupert Murdoch, 92, announced his resignation as chairman of Fox Corporation and News Corp, and his son will fill in for both roles.

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Murdoch bought 20th Century Fox from Marvin Davis for $600 million in 1985 before which he was in the newspaper business.

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In 1986, he bought several U.S. T.V. stations and created Fox Broadcasting.

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In 1996, he launched Fox News to compete with CNN and became the No. 1 American cable news channel.

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FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi Media Group are some brands that distribute content under Fox Corp.

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In 2019, Fox Corp. separated from 21st Century Fox.

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