From CNN’s Reliable Sources with Oliver Darcy:

Lachlan Murdoch is stepping onto center stage.

On Wednesday, his father, Rupert Murdoch, officially stepped down as chairman of News Corporation, the print publishing arm of the billionaire mogul’s powerful media empire, marking the end of an era. Rupert, who maintained he will continue an “active role” in the company, will formally transition to chairman emeritus of Fox Corporation, the parent company of Fox News and other broadcasting assets, at the company’s annual meeting on Friday.