The 92-year-old billionaire will now the chairman emeritus of the company as his son, Lachlan Murdoch, will now take the helm.
"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 said in a statement, as reported by The Daily Mail.
"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," he continued, adding, "We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies."
This is a developing story and will be updated accordingly.
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