The 92-year-old Murdoch built his media empire over the past seventy years. He started with a small newspaper in Australia. Murdoch will remain involved with News Corp and Fox as honorary chairman.

Murdoch will step down from his duties at the company’s second shareholder meeting in mid-November. In a statement, Lachlan, 52, referred to his father’s “extraordinary” 70-year career and thanked him for his “vision, pioneering spirit and determination” in building his media empire. Lachlan is also grateful that his father continues to serve as honorary chairman at News Corp and Fox to provide advice.

News Corp owns major newspapers such as The Wall Street Journal, New York Post, Times, Sun and Sunday Times. The company also owns the Dow Jones news agency, the business magazine Barron’s and the financial site MarketWatch. Fox has television channels for sports, entertainment and news, among others. These companies are mostly active in the United Kingdom, United States, and Australia.

In his letter to News Corp and Fox employees, Murdoch said it was time to move on to another role and that the companies were “in strong health, as am I.” He also said that there is reason to be optimistic about the years ahead. He also stated that “the fight for freedom of expression has never been stronger than it is today.”

In the US, Fox is known as a channel aimed at right-wing conservative groups. The channel is said to have played an important role in former President Donald Trump’s victory in the 2016 election. Relations between Trump and Fox have now cooled sharply.

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