Rupert Murdoch has been lauded as this country’s “most talented and influential” business figure after the Australian-born global media baron retired from the front lines of his empire after seven decades in charge.

Mr Murdoch, 92, stepped down as chairman at both News Corp and Fox Entertainment, resigning from both boards, but retaining the title of chairman emeritus. He passed the baton to his first son, Lachlan, finally ending questions over succession which long created drama around the mogul’s life.