Rupert Murdoch has announced he is stepping down as chairman of his Fox and News Corp.
The media tycoon is set to be replaced by his eldest son Lachlan following the companies’ annual meeting in November.
The 92-year-old said he was in “robust health” and would be appointed chairman emeritus of each company.
In a letter to staff, he said: “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.”
Mr Murdoch began building his media empire in Australia during the 1950s, and went on to acquire The Sun, The Wall Street Journal, The Times, Fox News and publishing giant HarperCollins.
The announcement of his son Lachlan as successor follows years of speculation which inspired the hit HBO series Succession.
His resignation comes days before Michael Wolff‘s new book recounting of the recent past and a prediction for the near future of Fox News is released.
