The 92-year-old Australian business magnate Rupert Murdoch will take on the role of chairman emeritus of Fox Corp and News Corp, handing his position as chair to his son Lachlan.
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00:00 Australian media mogul Rupert Murdoch has announced he is stepping down as chair of
00:05 Fox Corp and News Corp, the central pillars of his right-leaning global media empire.
00:11 Fox says the 92-year-old business magnate will take on the role of chairman emeritus
00:15 of both companies. His son Lachlan will take over as chair. In a letter to staff, Murdoch
00:20 said he would remain engaged with the Fox and News Corp communities on a daily basis.
00:25 The announcement didn't clarify why he's retiring now, but it comes after a number of setbacks
00:30 for the corporations in recent years.
00:32 [WHOOSH]