Rupert Murdoch Stepping Down As Chairman At Fox Corp, News Corp

Australian business magnate Rupert Murdoch is stepping down as chairman of Fox Corp and News Corp, ending a decadeslong reign that will be passed onto his son, the company announced Thursday.

The transition to Lachlan Murdoch’s leadership as sole chair of News Corp will be effective in mid-November. Lachlan, 52, will continue to serve as executive chair and chief executive officer of Fox Corp, Fox News Corp said. Rupert Murdoch, 92, will serve 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,” Lachlan Murdoch said in a statement. “We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”

Fox Corp’s brands include Fox News Media, Fox Sports, Fox Entertainment, Fox Television Stations and Tubi Media Group. News Corps is composed of media businesses that primarily operate in the U.S., Australia and the United Kingdom.