Businessman and media magnate Rupert Murdoch announced on Thursday that he will step down as chairman of Fox Corporation and News Corp. after nearly 70 years.
"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted," Rupert Murdoch's eldest son and Executive Chair and CEO of Fox Corp. Lachlan Murdoch said in a written statement.
The move will be official in November. Murdoch, 92, will be appointed chairman emeritus of each company, while Lachlan Murdoch will become the new chairman of News Corp.
