Rupert Murdoch, 92, announced Thursday that he is stepping down as chairman of the board of Fox Corp. and News Corp. after more than seven decades.
Murdoch's retirement will take effect in November. His son Lachlan, 51, will become sole chairman of News Corp. and continue as chairman and CEO of Fox Corp.
In a farewell letter to employees, Murdoch wrote: "Throughout my life I have dealt daily with news and ideas and this will not change. I'm proud of what we've accomplished over the last few decades."
Murdoch added: "Our companies are in excellent health just like me. We have every reason to be optimistic about the years ahead—I'm certainly optimistic—and I plan to be here to experience them. Our battle for freedom of expression and, ultimately, freedom of thought, has never been so fierce."
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