NEW YORK: Rupert Murdoch, the 92-year-old media magnate who created Fox News, is stepping down as leader of both Fox’s parent company and his News Corp media holdings. Fox said Thursday that Murdoch would become chairman emeritus of both companies. His son, Lachlan, will become News Corp chairman and continue as chief executive officer of Fox Corp. Lachlan Murdoch said “we are grateful he will serve as chairman emeritus”.