News Mogul Steps Down, Son Steps Up

It was announced on Thursday that Rupert Murdoch would be stepping down as Chairman for Fox and Fox News Corp.

“Our companies are in robust health, as am I,” 92-year-old Murdoch said in a memo to employees. “We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”

“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch added in his note.

Murdoch first bought stock in Twentieth Century Fox in 1985 and would go on to help launch the Fox News Channel in 1996.

Lachlan Murdoch, the eldest son of Rupert, has been announced to take over as CEO of Fox Corporation.

Lachlan, 52, will take over for his father, who announced he was stepping down on Thursday.

“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,” Lachlan Murdoch of his father in a statement.

Lachlan had served as co-chairman of 21st Century Fox with his brother James.

After James left the company, Lachlan held the role himself after Disney purchased 21st Century Fox.

Rupert Murdoch, meanwhile, will reportedly still have input in the company behind the scenes.

-Tony Lee