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Media mogul Rupert Murdoch has announced that he will step down as chairman of both Fox Corporation and News Corporation.

The 92-year-old announced the news in a memo to employees.

“For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams.”

Fox is a major right-wing news corporation in the United States and News Corporation is the publishers of well-known The Wall Street Journal and New York Post.

The Australian began his business career in the 1950s when he bought a small Australian newspaper chain.

In 1969, he bought the UK’s News Of The World followed by The Sun, The Times and The Sunday Times of London.

In the 1980s he bought Twentieth Century Fox, and several United States-based television stations to form Fox Broadcasting. He also launched Sky in Britain, a UK satellite pay-TV broadcaster.

Murdoch’s eldest son, Lachlan will take over as the sole chairman of both companies. He is currently the chief executive of Fox Corporation.

Image credit: FOX8 WGHP

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