Rupert Murdoch announced Thursday that he will step down as chairman of Fox Corporation and News Corp.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch wrote in a memo to employees. “But the time is right for me to take on different roles, knowing that we have truly talented teams.”
His son, Lachlan Murdoch, will become sole chairman of both companies. Rupert Murdoch called his son “a passionate, principled leader.”
Fox News announced Rupert Murdoch’s retirement on its air Thursday morning, with anchor Bill Hemmer praising the network’s founder, CNN reports.
“Rupert Murdoch created all of this and so much more across America and the globe,” Hemmer said. “His life’s work has left an indelible imprint on the global media landscape. His contributions are both innumerable and extraordinary and we thank him for letting us be a part of it all.”
“Without him, we would not be here,” anchor Dana Perino added.