00:00Media mogul Rupert Murdoch is stepping down as the chairman of Fox Corporation and News Corporation.
00:06Fox Corp and News Corp said Thursday that Murdoch would step aside as chairman of both companies,
00:11effective as of their annual meetings in November.
00:13His son Lachlan Murdoch will continue to lead the two companies.
00:16Lachlan Murdoch said in a statement,
00:18On behalf of the Fox and News Corp boards of directors, leadership teams,
00:22and all the shareholders who have benefited from his hard work,
00:25I congratulate my father on his remarkable 70-year career.
00:28We thank him for his vision, his pioneering spirit, his steadfast determination,
00:32and the enduring legacy he leaves to the companies he founded and countless people he has impacted.
00:37He continued,
00:38We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.
00:44Lachlan Murdoch had already taken over much of the family business,
00:47serving as CEO of Fox Corp and as co-chairman of News Corp.
00:50In a letter to employees, Rupert Murdoch noted that both he and his companies are in quote,
00:54robust health. However, he also said that he believes the battle for freedom of speech
00:59and ultimately the freedom of thought has never been more intense.
01:02He ended the letter by writing,
01:03I urge you to make the most of this great opportunity to improve the world we live in.
01:07For more on this story, head to THR.com.
01:10This is the Hollywood Reporter News.
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