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Rupert Murdoch is stepping down as chairman of Fox and News Corp. He will officially step down in November and be named chairman emeritus of each company.
His son, Lachlan Murdoch, will become the new chairman of News Corp. He will also continue to serve as Fox's executive chair and CEO.
"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, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies," the 92-year-old wrote in a letter to his employees.
Murdoch said that just because he is stepping down from his role does not mean he will not continue to be involved with the two companies.
"In my new role, I can guarantee you that I will be involved every day in the contest of ideas. Our companies are communities, and I will be an active member of our community. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas, and advice. When I visit your countries and companies, you can expect to see me in the office late on a Friday afternoon," Murdoch wrote.