Magnate Rupert Murdoch’s surprise announcement that he’s stepping down as leader of his two companies leaves his son Lachlan firmly in line of succession at Fox and the rest of the media empire.

His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said.

Rupert Murdoch media appeared to turn its back on Donald Trump, labelling the former US president a ‘loser’ who shows ‘increasingly poor judgment’ after the midterm elections.

Biden says he intends to run and will make a final decision ‘next year’; Trump, meanwhile, may have been abandoned by Murdoch’s media empire for Republican darling Ron DeSantis.

The race is on to determine which media outlet will embrace Trumpism the tightest.

Fox News infuriated Trump and his supporters by calling Arizona for Biden and the president’s son-in-law called Murdoch in vain to try to get that call retracted.

The man who built the mighty News Corp media empire is now 89 – and had 6 children and 4 wives along the way – so who will get the keys to all that power when he’s gone?

James has previously criticised News Corp’s editorial decisions and said he disagreed with Fox News coverage.

Regulators in other jurisdictions – as well as investors – are watching closely to see how the code works in practice. Should watchdogs in other markets follow Australia, it would chip away at two of the most wildly successful business models of the 21st century, built largely on content free-for-alls.

In a wide-ranging interview, Malcolm Turnbull also discusses Rupert Murdoch’s role in ousting him from office and the use of Twitter by US President Donald Trump.

Murdoch family will create new entity known as Fox after the breaking up of 21st Century Fox.

News Corp's Australia chief, Kim Williams, resigned from the company as New York Post editor-in-chief Col Allan reviews its newspapers in the country amid pre-election clashes with Prime Minister Kevin Rudd.