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Media mogul Rupert Murdoch has announced his decision to step down from his role as chairman of the board of both Fox Corp and News Corp. The decision was made public on Thursday, September 21, in a statement released by the companies.

Taking up the mantle as the sole chairman for both entities will be his son, Lachlan Murdoch, who Rupert Murdoch commended as a 'passionate, principled leader.'

In his announcement, Murdoch expressed his deep appreciation for his lifelong involvement in the world of news and ideas. "For my entire professional life, I have been engaged daily with news and ideas, and that will not change," he 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 and a passionate, principled leader in Lachlan who will become sole Chairman of both companies," the memo added.

This transition comes as Murdoch will be named chairman emeritus, signifying his honorary position within the organisations he helped shape over the decades.

The 92-year-old media magnate, who first ventured into the newspaper business in the 1950s, achieved significant prominence in Hollywood in 1985 when he acquired Twentieth Century Fox from oil magnate Marvin Davis for a substantial $600 million.

A year later, in 1986, Murdoch expanded his media empire into the television arena by purchasing several US television stations and establishing Fox Broadcasting.

(Edited by : Shoma Bhattacharjee)