Rupert Murdoch is stepping down as chairman of the board of both Fox and News Corp on Thursday.
The 92-year-old Australian born, U.S citizen will be appointed chairman emeritus of each company. The move will be official in November.
His son Lachlan Murdoch will become sole chairman of News Corp and will continue as Fox Corp.’s executive chair and CEO.
“Our companies are in robust health, as am I,” the elder Murdoch said in a note to employees.
Murdoch launched Fox News in 1996. It is now the most watched TV news channel in the US. His role in the media landscape is unparalled in the 20th century as a media mogul.
“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.”