Media mogul Rupert Murdoch, at the age of 92, is set to step down from his role as chairman of the board at both Fox Corp and News Corp effective in November. He will assume the honorary position of chairman emeritus at each company. In this transition, his son, Lachlan Murdoch, will become the sole chairman of News Corp., while continuing his role as Fox Corp.'s executive chair and CEO.

Rupert Murdoch, in a message to employees, assured that both companies are in robust health, and he himself remains in good shape. He expressed optimism about the future, emphasizing the ongoing battle for freedom of speech and thought.

Murdoch's departure coincides with the upcoming US presidential elections, a year ahead of schedule. News Corp. owns prominent newspapers such as The Wall Street Journal and New York Post, while Fox Corp. encompasses right-leaning TV networks Fox News and Fox Business.

Rupert Murdoch's career spans nearly seven decades, starting in 1954 when he assumed control of News Limited, which owned Adelaide's No. 2 newspaper. He expanded his media empire, including the acquisition of British tabloids and ventures in the U.S. television industry. Notably, the launch of Fox News Channel in 1996 under his leadership became a top-rated cable network.