Media mogul Rupert Murdoch is stepping down from his role as chairman of Fox and News Corp.
His son Lachlan Murdoch will become the sole chair of News Corp.
The younger Murdoch will also continue as executive chair and CEO of Fox Corporation.
In an announcement, Lachlan congratulated his father on a “remarkable 70-year career.”
He said the 92-year-old 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.
Writing to his colleagues, Murdoch said it is the right time for him to take on different roles.
Murdoch asserted 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.”
Murdoch also vowed that he 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.”
The move to step down comes at a time of major transition for Murdoch’s empire.
Fox Corp. sold its entertainment assets to Disney for $71 billion in 2019.
The move left the company mostly focused on live television news and sports, as the cable industry continues to face record cord-cutting.
Since then, Fox has faced unprecedented challenges from emerging media formats.
Former Fox News star Tucker Carlson recently relaunched his show on Twitter after being fired from the network.
His episodes now receive then of millions of views.
Carlson’s viewer numbers now dwarf the audience of Fox and all other traditional news media.
Many view Carlson’s move to Twitter as a pivotal movement in the shift away from cable news.
News Corp’s business has also expanded in recent years to include more business data and services.
However, its publishing business faces a looming threat from artificial intelligence (AI) technology.
This breaking news story.
Please check back for updates.