As New York Business reports "News Corp. deputy Chief Operating Officer Lachlan Murdoch ... resigned from his father Rupert Murdoch's flagship media company" and will step down by August 31. He was seen as a possible heir to his father's leadership of News Corp. According to NEWS.com.au Lachlan Murdoch stated: "I look forward to returning home to Australia with my wife, Sarah, and son, Kalan... I will remain on the board and I am excited about my continued involvement with the company in a different role." According to Business Week Ruport Murdoch said: "I was particularly saddened by my son's decision and thank him for his terrific contribution to the company."

Sources: New York Business,News.com.au, Business Week