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Rupert Murdoch is stepping down as chairman from both Fox Corp. (FOX, FOXA) and News Corp. (NWS, NWSA), effective in November. He will become chairman emeritus at both companies. Murdoch's son Lachlan will become the sole chair of both boards. Vanity Fair special correspondent Brian Stelter, who is working on a book about Fox, the Murdochs, and former President Trump, says the move confirms "the succession plan that had appeared to be in the works for many years."

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