Rupert Murdoch has announced he is stepping down as chairman of his media empire, handing the leadership of Fox and News Corp to his son, Lachlan. 

After seven decades at the helm, the 92-year-old told employees in a memo that he will step down at upcoming annual general meetings. 

"For my entire professional life, I have been engaged daily with news and ideas, and that will not change," he wrote.

"But the time is right for me to take on different roles, knowing that we have truly talented teams."

Lachlan and Sarah Murdoch at the Vanity Fair Oscar party in 2020. Photo: AFPLachlan and Sarah Murdoch at the Vanity Fair Oscar party in 2020. Photo: AFP

His son will now be the sole executive of the global media empire that his father started from a small local newspaper in Australia. 

Rupert Murdoch will become chairman emeritus of the two companies in mid November, the group said in a release. 

"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted," Lachlan Murdoch, 52, said. 

More to follow

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