Rupert Murdoch Stepping Down As Chair of Fox

Rupert Murdoch is stepping down as chair of Fox and News Corp after building a media empire over seven decades that revolutionized news and entertainment and made him one of the world’s most influential and controversial tycoons.

The Wall Street Journal reports Murdoch, 92 years old, will exit his roles atop each company as of November, when they hold annual meetings, the companies said. He will be appointed Chairman Emeritus of each company. His eldest son, Lachlan Murdoch, who has served as co-chair of News Corp, will become sole chair of that company and will continue as Fox Corp. FOX -2.31%decrease; red down pointing triangle Executive Chair and CEO.

“For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles,” Rupert Murdoch wrote in a memo to staff.

His decision to step back solidifies Lachlan Murdoch as his successor. He called Lachlan a “passionate, principled leader” who can take the companies into the future.

Murdoch is one of a handful of media barons, along with the likes of John Malone, Ted Turner and Sumner Redstone, who shaped the modern era of media. He has wielded influence in political and financial capitals, earning credit from his boosters and blame from his critics. Murdoch has remained active in his later years, pursuing big deals to reshape his companies.

Murdoch is stepping back at an important moment for both wings of his media empire, as they confront fundamental challenges in the media landscape. Fox, a relatively small player in an entertainment industry now dominated by titans, is wrestling with the profound implications of cable cord-cutting and the growth of streaming. News Corp, owner of The Wall Street Journal, Times of London and other publications, is trying to find the right formula for digital growth amid a fierce battle for subscribers and online-ad dollars.

Murdoch inherited a small Australian newspaper business and built it into a colossus, acquiring or creating iconic brands across publishing, television and film. He snapped up newspapers including the Times of London, the New York Post and the Journal; launched the Fox network on the back of franchises like “The Simpsons” and NFL football; presided over the Hollywood studio behind “Avatar” and “Titanic”; built up pay-TV giant Sky in the U.K.; and reshaped U.S. cable news with Fox News, whose conservative commentary drew loyal viewers and fierce critics and became one of his most successful bets.

Even as his stature grew, Murdoch viewed himself as an outsider, a maverick bucking the establishment on both sides of the Atlantic who had to challenge the incumbents—whether in broadcasting, news or pay-TV distribution—to break into new businesses.

In his memo on Thursday he wrote about what he sees as a continuing battle over freedom of speech and thought. “Elites have open contempt for those who are not members of their rarefied class,” he wrote. “Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth.”