Rupert Murdoch, 92, is stepping down as chairman for both Fox Corp. and News Corp., CNBC reports.
Murdoch’s departure will become official in November, at which point he will become chairman emeritus of both companies.
His son, Lachlan Murdoch, will assume the role of chairman for News Corp. and continue as executive chair and CEO of Fox Corp.
This decision follows a turbulent year for Fox News after it agreed to pay a $787.5 million settlement in Dominion Voting Systems’ defamation lawsuit.
