Lachlan Murdoch, left, and Rupert Murdoch attend the TIME 100 Gala in New York on April 21, 2015. Media magnate Rupert Murdoch is stepping down as chairman of News Corp. and Fox Corp., the companies that he built into forces over the past 50 years. He will become chairman emeritus of both corporations, the company announced on Thursday. His son, Lachlan, will control both companies. (Photo by Evan Agostini/Invision/AP)
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