Rupert Murdoch’s decision to step down as chairman of Fox Corp. and News Corp. leaves his son, Lachlan Murdoch, with a daunting task — steering the family’s cable TV and newspaper companies around two troubled industries.
Murdoch’s media empire, which he built over seven decades, has long been seen as a giant, with enormous influence over news, entertainment and politics. But since selling most of its film and TV business to Walt Disney Co. for $71.3 billion in 2019, Fox has become a relative minnow in a sea of whales, with a heavy focus on news and sports. …
