Rupert Murdoch stepping down as chairman from Fox, News Corp.

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(NEW YORK) — Rupert Murdoch is stepping down as chairman of Fox Corporation and News Corp., Fox has announced.

His son, Lachlan Murdoch, will become the chair of News Corp. and continue as executive chair and chief executive officer of Fox Corporation.

“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” Lachlan Murdoch said in a statement 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,” the statement added.

Rupert Murdoch, an Australian-born media magnate, worked in the industry for nearly seven decades, according to the statement from News Corp. The global company owns an array of media properties, including The Wall Street Journal, the New York Post and HarperCollins Publishers.

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