Today, a media giant announced that he's stepping down.

Breaking news right now, Rupert Murdoch has now announced he is stepping down as the chairman

of Fox Corporation and Fox News, bringing an end to a seven-decade long career.

Murdoch, who is now 92 years old, will now be appointed chairman emeritus of both companies.

He will officially make the transition in November and his son will become the sole chairman

of both companies.

Big picture, who is Rupert Murdoch?

So Rupert Murdoch is one of the most influential, powerful, and controversial media barons of

the modern era.

That's our colleague, Amol Sharma.

He's somebody who shaped much of the entertainment business that we see now, the cable news business

that we see now, the news publishing business that we see now over decades of building up brands

that are now iconic and acquiring them and adding them into his empire.

So he's had a real impact on business, on culture, on politics.

How significant is this change in leadership?

Well, in a sense, what it does is it solidifies his son as sort of his successor.

And of course, it's a big deal that Rupert, who for decades, has towered over the media

scene and had such an imprint on the business, on politics, on shaping cable news, and the

print news industry is going to be moving to this other role of chairman emeritus.

Welcome to the journal, our show about money, business, and power.

I'm Jessica Mendoza.

It's Thursday, September 21st.

...