Media mogul Rupert Murdoch, 92, is stepping down from his chairman roles at Fox Corporation and News Corp, the companies announced on Thursday, ending a decadeslong career that saw him become a major force in American conservative politics.

What You Need To Know

  • Rupert Murdoch, 92, is stepping down from his chairman roles at Fox Corporation and News Corp, the companies announced on Thursday

  • Murdoch's son, Lachlan, will become chairman of both companies; the elder Murdoch will transition to chairman emeritus of the two companies

  • Murdoch's media empire began in the 1950s when he inherited what was left of his father's businesses; his holdings grew into a massive worldwide conglomerate which at one time included the Fox broadcast network and film studio 20th Century Fox

  • Despite his comments, Murdoch's departure comes at tumultuous time: Fox earlier this year agreed to pay a $787.5 million settlement with Dominion Voting Systems in a defamation suit claiming that it helped peddle baseless conspiracy theories related to the 2020 election; shortly after, Tucker Carlson, the network's top talent, departed

Murdoch's son, Lachlan, will become chairman of both companies, an empire that grew out of his father's ownership of a small newspaper in Australia in the 1950s. The elder Murdoch will transition to chairman emeritus of the two companies.

"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," Lachlan Murdoch said in a statement released by the company. "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."

The move will become official at the companies' board meetings in mid-November.

In a note to employees shared by Fox News, the crown jewel of the Fox Corporation empire, Rupert Murdoch said that he is "truly proud" of what they "have achieved collectively through the decades," expressing gratitude to his colleagues.

"Our companies are in robust health, as am I," he wrote. "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."

Despite his comments, Murdoch's departure comes at tumultuous time: Fox earlier this year agreed to pay a $787.5 million settlement with Dominion Voting Systems in a defamation suit claiming that it helped peddle baseless conspiracy theories related to the 2020 election; shortly after, Tucker Carlson, the network's top talent, departed, leading to a temporary ratings dip. Another voting technology company, Smartmatic, has also filed a lawsuit against Fox News.

Murdoch's media empire began in the 1950s when he inherited what was left of his father's businesses. His holdings grew into a massive worldwide conglomerate which at one time included the Fox broadcast network, the first to challenge the triumvirate of ABC, CBS and NBC, and film studio 20th Century Fox, which was sold to the Walt Disney Company in 2019 for more than $70 billion.

Murdoch launched the 24-hour Fox News Channel in 1996, which grew to become a major force in American Republican politics as well as a ratings juggernaut in the cable news space.