Billionaire news magnate Rupert Murdoch stepped down from his role as chairman of Fox News and News Corp., Murdoch announced Thursday.
The 92-year-old first began his media empire with newspapers back in the 1950s before expanding into the Hollywood studios and broadcast news realms later in his career.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch told employees at the time of his resignation. “But the time is right for me to take on different roles, knowing that we have truly talented teams.”
Murdoch’s son, Lachlan, has been tapped to fill his father’s position as both companies’ chairman.