Rupert Murdoch will step down as chairman of Fox Corp (NASDAQ: FOXA) and News Corp (NASDAQ: NWSA), the media conglomerate announced Thursday.
What To Know: Murdoch, 92, will depart from his role as chairman of the board at both Fox and News Corp following a nearly 70-year career. He is set to be appointed as chairman emeritus of each company.
His son Lachlan Murdoch is slated to become sole chair of News Corp and will continue to serve as executive chair and CEO of Fox. Murdoch's departure will become effective in mid-November at each company's upcoming annual general meeting of shareholders.
"On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career," said Lachlan Murdoch.
"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. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies."
Murdoch's departure comes after Fox agreed to pay Dominion Voting Systems a $787.5-million settlement in April to resolve a lawsuit centered around false vote-rigging claims from the 2020 presidential election.
The move also comes a year ahead of the 2024 presidential election. Fox is the parent company of conservative-leaning networks Fox News and Fox Business. News Corp owns The Wall Street Journal, as well as other publications like the Herald Sun and The Times.
In a letter to employees, Murdoch said he will continue to be involved with news and ideas on a daily basis.
"Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them," Murdoch said.