Rupert Murdoch’s decision to step down as chairman of Fox Corporation and News Corp leaves his son, Lachlan Murdoch, with a daunting task — steering the family’s cable TV and newspaper companies around two troubled industries.

Murdoch’s media empire, which he built over seven decades, has long been seen as a giant, with enormous influence over news, entertainment and politics. But since selling most of its film and TV business to Walt Disney for $71.3 billion in 2019, Fox has become a relative minnow in a sea of whales, with a heavy focus on news and sports. It’s still heavily dependent on the declining businesses of cable TV and print.

Murdoch, 92, said on Thursday he’s leaving the boards of Fox and News Corp, capping a career that started with a small Australian newspaper business. He becomes chairman emeritus of each.