(NewsNation) — Rupert Murdoch, the media mogul who created Fox News, is stepping down from his roles as chair of Fox Corporation and executive chairman of News Corp.
“I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me,” Murdoch wrote in a letter to colleagues Thursday.
The 92-year-old added that he is in good health and will make the transition into the role of chairman emeritus of both companies in November.
His son, Lachlan, will become the sole chairman of News Corp and continue as chief executive officer of Fox Corp.
Lachlan Murdoch said, “We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”
Fox Corp shares were trading at $0.66 (+2.28%) Thursday after Murdoch’s announcement.
Aside from Fox News, Murdoch started the Fox broadcast network, the first to successfully challenge the Big Three of ABC, CBS and NBC. He is the owner of the Wall Street Journal and the New York Post.
Murdoch is a force in the conservative world, where Fox News Channel has profoundly influenced television and the nation’s politics since its start in 1996.
Murdoch vowed that he would remain engaged at Fox.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas, Murdoch wrote. “Our companies are communities, and I will be an active member of our community. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest.”
There was no immediate word on why Murdoch’s announcement came now.
Murdoch and his family, particularly children James, Lachlan, Elisabeth and Prudence, were said to be the model for the HBO show “Succession.”
He built his empire from a single newspaper in Adelaide, Australia, inherited from his father, and became a multibillionaire. Forbes estimated the Murdoch family’s net worth at roughly $19 billion in 2020.
The Associated Press contributed to this report.