It was a bombshell whose detonation has long been expected.
At 84, Rupert Murdoch is stepping down as CEO of 21st Century Fox and handing the reins to his son, James.
The announcement this morning reflects a succession that has long been planned and was hardly a shock. And by taking the title of executive chairman, the elder Murdoch signaled that he will remain a force within the company he founded, rather than quietly retiring to some desert island.
But it's still huge news because, for the public at large, Rupert Murdoch is 21st Century Fox. Murdoch is a larger-than-life figure, conservative and controversial, a trailblazer from newspapers and television to sports and movies. With few exceptions -- Bill Gates at Microsoft, Jeff Bezos at Amazon, Steve Jobs at Apple -- rarely have a corporation and its leader been so closely identified...READ MORE