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The news that Rupert Murdoch is stepping down as chair of media companies Fox and News Corp and handing control to his eldest son, Lachlan Murdoch, leads the Financial Times. The paper says the 92-year-old has “over the past seven decades transformed an Adelaide newspaper he inherited from his father into a global media empire, which is feared and courted by politicians across the English-speaking world” and calls the move the “end of an era”.