Rupert Murdoch is stepping down as chairman of both Fox Corporation and News Corporation at the age of 92.
Murdoch will be appointed chairman emeritus of both companies.
Murdoch announced his departure in a memo to staff, according to the News Corp title Wall Street Journal.
Per The Australian, Murdoch’s eldest son Lachlan, 52, will take over as the sole chair of News Corp and continue as executive chair and chief executive officer of Fox Corporation.
Lachlan Murdoch said on behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefitted from Rupert Murdoch's work, he congratulates his father on his "remarkable" 70-year career.
“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," he said.
Murdoch said: “For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles.”
He described Lachlan Murdoch as a “passionate, principled leader”.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.