Rupert Murdoch stepping down as Fox & News Corp. Chairman

NEW YORK (FOX) – Media mogul Rupert Murdoch is transitioning from his roles as Chair of Fox Corporation and Executive Chairman of News Corp, he announced on Thursday.

Murdoch, 92, informed colleagues in a letter Thursday of his decision, noting he was in good health. He will officially make the transition in November, and his son Lachlan will become the sole chairman of both companies.

Murdoch’s media empire includes FOX News Channel, which launched in 1996 under News Corp and quickly established itself as a leader in 24-hour news coverage. It recently celebrated its 25th anniversary and has consistently dominated its competition in the ratings, becoming one of the most influential and closely watched news sources in the world.

The FOX Broadcasting company was launched in 1986, and by 1996, FOX Sports was a smashing success and FOX Network had become the top-ranked television group in the country.