Rupert Murdoch, the 92-year-old media mogul, announced on Thursday that he will step down as chairman of Fox Corporation and News Corp. His son, Lachlan Murdoch, will become sole chairman of both companies.

Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and News Corp, with his son Lachlan to head both companies.

“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” 92-year-old Murdoch wrote in a memo to employees. “But the time is right for me to take on different roles, knowing that we have truly talented teams.”

Murdoch, who was born in Australia but now holds US citizenship, is 92 years old. He will hand over the reins of his companies to his eldest son, 52-year-old Lachlan, who will take control in November. 

Lachlan will become News Corp. chairman and remain as Fox Corp. CEO.   

In response to his father's announcement, Lachlan said, "We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies."  

Murdoch's empire first emerged in Adelaide, Australia, in the 1960s, with Rupert inheriting several newspapers from his father. In 2020, news outlet Forbes calculated the Murdoch family's net worth at around $19 billion (€17.8 billion).

Murdoch's companies own many news outlets across the US, UK and Australia. Many of these outlets have a notable conservative bent, partly influenced by Murdoch's personal political views.     

In the US, broadcaster Fox News features right-wing talk show personalities such as Sean Hannity and was most recently the home of conservative voice Tucker Carlson. The outlet was recently sued by voting machine maker Dominion, which accused the outlet of defamation regarding its 2020 US presidential election coverage. 

Another prominent Murdoch outlet in the US is the Wall Street Journal newspaper, known for its financial news coverage. The paper often publishes investigative features on the corporate world and politics, with the editorial pages also publishing conservative op-eds from figures such as former George W. Bush adviser Karl Rove. 

In the UK, The Times and its sister paper, The Sunday Times, are some of the country's leading political newspapers. The Times was the first newspaper to bear "Times" in its name and was acquired by Murdoch in 1981. 

Another Murdoch paper in the UK, The Sun, features everything from politics to showbiz to gossip. The Sun is the second-most circulated paper in the UK, behind Metro. 

In Australia, the right-leaning Harald Sun is the country's most widely circulated. Murdoch outlets down under also include The Australian, The Daily Telegraph and the website News.com.au, along with broadcaster Sky News Australia.  

Murdoch's media empire is believed to have influenced public opinion in Anglophone countries and is believed to have pushed the UK's exit from the EU and the Republican candidacy of Donald Trump, who took the White House in 2016 in a shock win.