(Alliance News) - Media tycoon Rupert Murdoch is to retire as chair of his Fox Corp and News Corp businesses.
The 92-year-old Australian-born businessman is set to be replaced in the role at both companies by his son Lachlan Murdoch.
The change of leadership will take place following the companies' annual meeting in mid-November.
Lachlan Murdoch said: "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.
"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.
"We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies."
By Henry Saker-Clark, PA Deputy Business Editor
source: PA
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