He will step down as chairman and take on the role of emeritus chairman.
Rupert Murdoch, the longtime head of News Corp. and Fox, will step down as chairman and take on the role of emeritus chairman, Fox announced Thursday.
Lachlan Murdoch, one of Rupert Murdoch's sons, will become the sole chair of News Corp. and continue as executive and CEO of Fox Corp.
Rupert Murdoch, 92, is exiting News Corp. and Fox at a time the media businesses are facing a number of challenges, including a bruising trial — and nearly $800 million settlement — over a defamation lawsuit after Fox News aired unfounded claims that Dominion voting systems were used to rig the 2020 presidential election.
Murdoch became one of the foremost media executives of the last half century by building a network of tabloids, cable and broadcast TV, and entertainment assets, many known for espousing conservative ideas.
In the statement, Lachlan Murdoch said his father would "continue to provide valued counsel to both companies."
This story was originally published by CBS News' Moneywatch on Sept. 21, 2023.