Rupert Murdoch Steps Down As Fox Chairman — What It Means and Doesn't Mean

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Rupert Murdoch is set to step down as chairman of the board for both Fox Corp. and News Corp., according to announcements made by the companies. This transition will take effect in November. At the age of 92, Murdoch will assume the role of chairman emeritus for each company. Meanwhile, his son, Lachlan Murdoch, will take over as the sole chairman of News Corp and will retain his positions as Fox Corp.'s executive chair and CEO.

In a message to employees, Rupert Murdoch stated, "Our companies are in robust health, as am I. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense."

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