Rupert Murdoch, creator of Fox News, stepping down as head of Fox, News Corp; son Lachlan to control both companies

Rupert Murdoch, the 92-year-old media magnate who created Fox News, is stepping down as leader of both Fox’s parent company and his News Corp. media holdings.

Fox said in an announcement on Thursday that Murdoch would become chairman emeritus of both companies. His son, Lachlan, will become News Corp. chairman and continue as chief executive officer of Fox Corp.

Lachlan Murdoch said that “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”

The Australian has built an empire over the past 50 years, starting in his home country, moving to England and to the United States with the invention of Fox News and the purchases of both the New York Post and Wall Street Journal.