Media baron Rupert Murdoch is stepping down at Fox and News Corp after over seven decades, with his son, Lachlan Murdoch taking over as the next chairman of the companies, reported AP.
Fox said that the mogul would become chairman emeritus of both companies, and Lachlan will become News Corp chairman and continue as chief executive officer of Fox Corp.
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“We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies,” Lachlan Murdoch was quoted as saying.
His exit comes only months after Murdoch, 92, scrapped a plan that would have reunited his media empire by merging Fox and News Corp.
This is a breaking story. Will be updated with more details