Media mogul Rupert Murdoch on Thursday stepped down as the chairman of Fox and News Corp, his son Lachlan will take up the position and head both companies.
He will become chairman emeritus of the two companies,the company said in a release.
Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday.
Rupert Murdoch's statement
"I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News. For my entire professional life, I have been engaged daily with news and ideas, and that will not change.
"But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies. Neither excessive pride nor false humility are admirable qualities.
"But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me," Murdoch wrote in a memo to the employees.
92-year-old Murdoch had launched Fox News in 1996 which went on to become the most-watched TV news channel in the United States.
Lachlan Murdoch's statement
''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 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," the 52-year-old added.