Rupert Murdoch to step down as chairman of Fox and News Corp after 70 years

Rupert Murdoch has announced that he is stepping down from his role as chairman of Fox and News Corp after 70 years.

The billionaire, 92, will take on the new role of chairman emeritus, with his son Lachlan becoming the sole chairman of both companies.

In a statement, Lachlan said: “On behalf of the FOX and News Corp boards, the leadership teams and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career.

“We thank him for his vision, his pioneering spirit, his steadfast determination and the lasting legacy he leaves to the companies he founded and the countless people he influenced.

“We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”

This is a development story.