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Media mogul Rupert Murdoch will be stepping down as chairman from both Fox Corp. (FOX, FOXA) and News Corp. (NWS, NWSA) in November. Transitioning into an honorary role as chairman emeritus, what new directions could Murdoch's long-standing media empire take without him at the helm?

Huber Research Partners Managing Director Douglas Arthur joins Yahoo Finance Live to discuss Fox's business outlook and the passing of the torch to Lachlan Murdoch as sole chairman of both companies.

"Lachlan has run it in a very focused fashion — they've been conservative, they have a ton of cash, they've done minimal acquisitions," Arthur says. "He has not gone down the [direct-to-cable] subscriber route, which is extremely expensive."

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