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 influence or dealmaking, and in a dramatically different era for media.

The intrigue: Four of Murdoch's children — Lachlan, Elisabeth, James and Prudence — are equal beneficiaries of a trust that own roughly 40% of voting stakes in News Corp. and Fox Corp.

After Murdoch's death, the future of both firms will be left to his children, who are politically divided.

James Murdoch, who was once considered a contender to take over the family business, resigned from the board of News Corp. in 2020, citing disagreements over editorial content published by the Wall Street Journal and the New York Post.