Billionaire Rupert Murdoch has stepped down as the chairman of Fox Corp and News Corp, ending a more than seven-decade career during which he created a media empire spanning from Australia to the United States.
His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and chief executive of Fox, the companies said on Thursday. The transition solidifies Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family.
The news comes just months after Murdoch (92) scrapped a plan that would have reunited his media empire by merging Fox and News Corp.
Murdoch, who has near-controlling stakes in both companies, will be appointed chairman emeritus of both companies.
In a memo to staff Thursday, Murdoch wrote: "Our companies are in robust health, as am I.
"Our opportunities far exceed our commercial challenges," he said in a letter seen by Reuters.
"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."
