Lachlan Murdoch, Mr Murdoch’s son, will become the sole chair of News Corp and continue as executive chair and chief executive of Fox from mid-November.
In a separate statement, Lachlan thanked his father for all his work in the media landscape.
“On behalf of the Fox and Newscorp 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,” he said.
“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.”
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