Rupert Murdoch, whose creation of Fox News made him a force in American politics, is stepping down

Rupert Murdoch at the US Open men's singles final, on Sept. 10, 2017. (Julio Cortez / AP)

NEW YORK - Rupert Murdoch is stepping down as leader of both Fox's parent company and his News Corp. media holdings. 

Fox says he will become chairman emeritus of both corporations. 

His son, Lachlan, will control both companies. 

The 92-year-old Australian media magnate's creation of Fox News made him a force in American politics. 

He built his empire from a single newspaper in Australia. 

He moved to England, then the United States with the invention of Fox News and the purchases of both the New York Post and The Wall Street Journal. 

Forbes estimated the Murdoch family's net worth at roughly $19 billion in 2020. 

Fox News Channel has profoundly influenced television and the nation's politics since its start in 1996, making Murdoch a hero to some and pariah to others.