Business mogul Rupert Murdoch has stepped down as chairman of Fox Corp and News Corp and announced his retirement.
The news broke on social media with Murdoch quoting that “the time is right for me to take on different roles.”
His announcement means that his son, Lachlan Murdoch, will become sole chairman of News Corp and will continue his role as Fox’s executive chair and CEO.
Rupert Murdoch believes that he is leaving the best people in place to continue the brands and his legacy. He said: “The time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
A statement by Lachlan Murdoch begins: ” In my new role, I can guarantee you that I will be involved every day in the contest of ideas.”
This is a breaking news story and will be updated.