Billionaire media mogul Rupert Murdoch is stepping down as chairman of Fox Corp. and News Corp., effective mid-November, he announced Thursday.

Why it matters: Murdoch, 92, is considered one of the most influential media figures in the modern era.

His son, Lachlan Murdoch, will replace him as chair of both firms.
Rupert Murdoch will be appointed chair emeritus of both companies.
Details: In a note to staff, Murdoch said, “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.”

“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.”
The big picture: Murdoch steps down at a time of major transition.

Fox Corp. sold its entertainment assets to Disney for $71 billion in 2019, leaving it mostly focused on live television news and sports, as the cable industry continues to face record cord-cutting.
News Corp’s business has expanded in recent years to include more business data and services. Its publishing business faces a looming threat from artificial intelligence.