Murdoch gives way to a new world order in media

Rupert Murdoch's decision to step down as chair of both his global television and publishing empires Thursday marks the start of a new world order in media.

Why it matters: In naming his eldest son Lachlan as his successor, Murdoch, 92, has ensured that Fox Corp.'s and News Corp.'s conservative editorial bent will live on — but maybe not forever.

The big picture: Murdoch built his media empire on a decidedly old-school foundation of newspapers and cable television. Now it'll be up to his son Lachlan to maintain that empire without Rupert Murdoch's personal...