00:00 Media mogul Rupert Murdoch is stepping down as the chairman of Fox Corporation and News Corporation.
00:05 Foxcore and NewsCore said Thursday that Murdoch would step aside as chairman of both companies,
00:10 effective as of their annual meetings in November. His son Lachlan Murdoch will continue to lead the
00:15 two companies. Lachlan Murdoch said in a statement, "On behalf of the Fox and NewsCore boards of
00:20 directors, leadership teams, and all the shareholders who have benefited from his
00:24 hard work, I congratulate my father on his remarkable 70-year career. We thank him for
00:28 his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves
00:33 to the companies he founded and countless people he has impacted." He continued, "We are grateful
00:38 that he will serve as chairman emeritus and know he will continue to provide valued counsel to
00:43 both companies." Lachlan Murdoch had already taken over much of the family business, serving as CEO
00:48 of FoxCore and as co-chairman of NewsCore. In a letter to employees, Rupert Murdoch noted that
00:52 both he and his companies are in "robust health." However, he also said that he believes the battle
00:57 for freedom of speech and, ultimately, the freedom of thought has never been more intense.
01:02 He ended the letter by writing, "I urge you to make the most of this great opportunity to improve
01:06 the world we live in." For more on this story, head to THR.com. This is The Hollywood Reporter News.
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