RUPERT Murdoch announced yesterday he will step down as chairman of his global media empire, a conservative behemoth that shaped politics across continents, and hand control over to his son Lachlan.

The Australian-born mogul, who built a global entertainment and news juggernaut instrumental in events from the Margaret Thatcher era to the rise of Donald Trump, will step back at the age of 92, starting mid-November, Fox Corp and News Corp announced.