Rupert Murdoch will step down from his roles as chairman of both Fox and News Corp, paving the way for his son, Lachlan Murdoch, to assume leadership at both companies. In a staff memo, the 92-year-old Murdoch cited the opportune moment for him to embrace "different roles" in the organisations. Murdoch will transition to the position of Chairman Emeritus for both firms in mid-November, after having launched Fox News in 1996. Today, Fox is the most-watched TV news channel in the US.  The transition is significant as it comes a year ahead of the US presidential election, in which the right-wing Fox News wields major influence. The network will be hosting multiple debates featuring Republican contenders for the 2024 White House candidacy.Lachlan Murdoch, aged 52, is Rupert Murdoch's son from his second marriage to Anna Maria dePeyster. The veteran media tycoon has been married four times, fathering six children, with the question of succession mainly revolving around his second, third, and fourth children: Elisabeth, Lachlan, and James. Lachlan, who in the past had emerged as the heir apparent in the late 1990's, had to leave the business in 2005 after differences of opinion with Fox News ex boss Roger Ailes. Lachlan returned to the News Corp board in 2014, holding important positions since then.James Murdoch, known for his more progressive viewpoints, left the media empire three years ago, citing what he called some disagreements "over certain editorial content" and other concerns about the company's direction. Elisabeth, aged 55, occupied different high-ranking roles within the business, but started her own TV company, Shine, responsible for producing popular shows such as The Biggest Loser, MasterChef, etc.The leadership transition arrives amid a turbulent year for Fox, marked by a significant settlement of $787.5 million with Dominion, a voting machine company, over its coverage of the 2020 presidential election.