Rupert Murdoch has announced he is stepping down as Chairman of Fox and News Corp, both companies confirmed today (September 21).
Murdoch will instead be appointed chairman emeritus of each company.
He will be replaced by Lachlan Murdoch, one of his sons.
Lachlan will become sole chairman of News Corp and will continue as Fox Corp.’s executive chair and CEO.
WATCH NOW: Pip Tomson and Martin Daubney react to Murdoch exit
“Our companies are in robust health, as am I,” the elder Murdoch said in a note to employees.
“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 the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
In an announcement, Lachlan congratulated his father on a "remarkable 70-year career".
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He said that his father will provide "valued counsel" in his new role at both companies.
"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.
Murdoch 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".
GB News understands many of News Corp's top bosses were informed of Murdoch's decision just 10 minutes before the announcement was made.
A conference meeting was immediately called after staff raised questions about the company's future.
Lachlan Murdoch will take over both roles
Reuters
The announcement comes months after Murdoch ditched plans to merge the two companies.
The 92-year-old built one of the world's most influential media empires over his career spanning seven decades.
Murdoch launched Fox News in 1996.
It is now the most watched news channel in the US.
News Corp owns well-known newspapers including The Sun, The Times and The Wall Street Journal.
