Rupert Murdoch has stepped down as the Chairman of Fox and News Corporation Boards after a career spanning over seven decades.

New York: Media Mogul Rupert Murdoch has stepped down as the Chairman of the Fox and News Corporation and has transitioned to ‘Chairman Emeritus’ of the expansive media empire he built from scratch, starting from a small-time newspaper in Australia around 70 years ago.

Rupert Murdoch announced his retirement from the Fox and News Corporation Boards in a post on X.

“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News. 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 and a passionate, principled leader in Lachlan who will become sole Chairman of both companies,” Murdoch said in a note to employees as he announced his retirement.

Citing people in the know of the situation, New York Times reported that, Rupert Murdoch will now lead the two businesses as chairman emeritus, the New York Times reported.

Rupert’s son Lachlan will become the sole executive in control of the worldwide media empire following Murdoch’s announcement. The transition solidifies Lachlan’s role as the leader of the media empire, putting to rest questions of succession within the Murdoch family.

Murdoch created his media empire from a small local newspaper concern in Australia starting 70 years ago.

In a memo to staff Thursday, Murdoch wrote: “Our companies are in robust health, as am I.”

The news comes just months after Murdoch, 92, scrapped a plan that would have reunited his media empire by merging Fox and News Corp, after several top shareholders rejected the proposal on the grounds that it would fail to realize the full value of the company.

Murdoch, who has near-controlling stakes in both companies, will be appointed chairman emeritus of both the companies, Reuters reported.

Earlier this year, Fox settled a defamation lawsuit with Dominion Voting Systems for $787.5 million, averting a trial in which Murdoch, his son Lachlan and Fox executives and hosts were expected to testify.

The trial would have put Fox in the crosshairs over its amplification of false vote-rigging claims in the 2020 U.S. presidential election. Legal experts said the settlement was the largest ever struck by an American media company.

(With inputs from agencies)