"I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News," Murdoch wrote.
"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," Murdoch added.