Media tycoon Rupert Murdoch is to retire as chairman of his Fox and News Corp businesses.The Australian businessman is set to be replaced in the role at both companies by his son Lachlan Murdoch.The change of leadership will take place following the companies' annual meeting in mid-November.

Media tycoon Rupert Murdoch is to retire as chairman of his Fox and News Corp businesses.The Australian businessman is set to be replaced in the role at both companies by his son Lachlan Murdoch.The change of leadership will take place following the companies' annual meeting in mid-November.