The boss of News Corp and Fox confirmed in a statement late on Thursday night it is"the right time" to take on"different roles" after a remarkable seven-decade long career.
"But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies." During his decorated career, he watched media transform from newspapers to the digital landscape it is in today, investing in new mediums along the way.
Murdoch was born in Melbourne to Australian newspaper proprietor Sir Keith Murdoch and was educated at prestigious private school Geelong Grammar. Murdoch stressed he would not be successful without the contributions from cleaners, to truck drivers distributing newspapers, to those working behind the camera, and those writing news to inform every day people about what was happening."Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them.