Rupert Murdoch, 92, is stepping down as chairman of Fox Corp and News Corp. effective at the November annual meeting of each company. He will take on the chairman emeritus post at both companies.
Lachlan Murdoch will become the chair of News Corp. and continue as CEO and executive chair at Fox Corp.
He congratulated his father on his “remarkable” 70-year career. “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,” Lachlan said in a statement.
Rupert's decision to step down comes as Michael Wolff's much anticipated book, "The Fall: The End of Fox News and the Murdoch Dynasty" is set for release next week.