The 92-year-old announced Thursday he would step down as chairman of Fox Corp. and News Corp. in mid-November. His son, Lachlan Murdoch, will become sole chair of News Corp. and continue as executive chair and CEO of Fox Corporation.
Rupert Murdoch will become chairman emeritus at both companies.
“I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch in a statement. “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.”
In a farewell note to employees, the elder Murdoch urged employees to keep fighting “self-serving bureaucracies” and “elites”.
“Our companies are in robust health, as am I,” Rupert Murdoch wrote. “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.”