Rupert Murdoch is stepping down as Chairman of Fox and News Corp, with his son Lachlan to head both companies.
The 92-year-old Rupert Murdoch will transition to the role of Chairman Emeritus of both firms in mid-November.
In an announcement, Lachlan said his father will continue to provide “valued counsel” in a new role as chairman emeritus.
“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 added.
Rupert Murdoch said it was the right time for him to take on different roles - adding that he remains in “robust health”.
“We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them. But the battle for freedom of speech and, ultimately, the freedom of thought, has never been more intense.
Fox Corporation’s main assets include the Fox News Channel, which Murdoch launched in 1996. It is now the most watched TV news channel in the US. Other Fox Corp brands include Fox Sports, Fox Entertainment, Fox Television Stations and the Tubi Media Group.
At the end of 2018, Fox’s film entertainment assets were sold to Disney - and his company’s 39% stake in Sky, the owner of Sky News, was sold to Comcast.
News Corp owns newspapers including The Sun, The Times and The Wall Street Journal - as well as the book publishing giant HarperCollins.
Lachlan Murdoch, 52, is the son of Rupert Murdoch and his second wife, Anna Maria dePeyster.
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