Rupert Murdoch will step down as chair of Fox and News Corp.
His son Lachlan will become the sole chair of News Corp – and continue as executive chair and CEO of Fox Corporation.
In an announcement, Lachlan congratulated his father on a “remarkable 70-year career” – and 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, Mr Murdoch said it is the right time for him to take on different roles – adding that he remains in “robust health”.
He added: “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.”
Mr 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”.
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