Rupert Murdoch steps down as chairman of Fox and News Corp: Report

Rupert Murdoch has stepped down as the chairman of Fox Corp and News Corp, ending a more than seven-decade career during which he created a media empire spanning from Australia to the United States.

His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday.

The news comes just months after Murdoch, 92, scrapped a plan that would have reunited his media empire by merging Fox and News Corp.

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