BREAKING: Rupert Murdoch to step down from Fox and Fox News Corp in November

Rupert Murdoch has decided to step down as chairman of both Fox and Fox News Corporation in November. Murdoch is 92 years old.

But don’t worry. He’s keeping it in the family. He’s appointing his son Lachlan to take his place as chairman.

Here’s the announcement via Fox News:

Announced today, Rupert Murdoch is stepping down as chairman of each board effective as of the upcoming Annual General Meeting of Shareholders of each company in mid-November. Mr. Murdoch will be appointed Chairman Emeritus of each company.

Following the Annual General Meetings, Lachlan Murdoch will become sole Chair of News Corp and continue as Executive Chair and Chief Executive Officer of Fox Corporation.

“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”

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