Why CNN is being sold to Rupert Murdoch’s News Corp.

CNN, the cable news network known for its hard-hitting news and opinion, is being bought by Rupert Murdoch for $80 billion, the company said Monday.

The news, first reported by The Wall Street Journal, said that News Corp.’s News Corp-owned 21st Century Fox would acquire the company for $78 billion.

News Corp. CEO Jeff Zucker, who was chairman of News Corp when the deal was announced, would remain chairman of the company.

He would also step down from his role as chairman of Fox News, the world’s most-watched cable news channel.