Murdoch Set to Depart Fox, Costolo to Resign at Twitter

It's been a historic day for executive departures at new and old media powerhouses alike.

Rupert Murdoch, 84, is reportedly set to hand the reins of 21st Century Fox to his son, James. You could count on one hand the media and entertainment titans whose sway rivals Murdoch's. The Australian inherited his father's company, News Limited, and grew it into a global empire with vast power in the realms of film and television (Fox News, 21st Century Fox, nee 20th Century Fox), news media (News Corp titles include the New York Post and the Wall Street Journal) and publishing (HarperCollins).

Quick to embrace controversy, Murdoch's manifold outlets consistently got into hot water over their unabashedly conservative bents, with Fox News the perennial bête noire of media critics denouncing the current landscape's political bias. The Post, with its notoriously salty headlines, has also run afoul of genteel readers and journalists. But it was the British News of the World's phone hacking scandal that posed the greatest threat to Murdoch and his empire when it consumed media reporters in 2011. The paper ceased publication that year, 168 years after its founding.

If Murdoch signals the passing of the old media guard, Dick Costolo proves that brash new media outlets are no guarantee of job security. Twitter announced today that Costolo would resign as chief executive of the flailing social media platform. Valued at $24B, user growth has stalled at the company, which has been less nimble than competitors at attracting advertisers. Google is rumored to be eying a Twitter acquisition. In the meantime, co-founder Jack Dorsey will serve as interim CEO.