Rupert Murdoch, the media magnate, has resigned as chairman of Fox Corp and News Corp, according to CNBC, as he moves from an active involvement in the firms.
Rupert Murdoch, who owns nearly all of the stock in both firms, will be named chairman emeritus.
According to the article, Lachlan Murdoch, one of his sons, will become the sole chairman of News Corp. and will continue to serve as executive chair and CEO of Fox Corp.
“Our companies are in robust health, as am I,” the elder Murdoch said in a note to employees, accessed by CNBC. “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.”
The development comes only months after Rupert Murdoch, 92, abandoned a plan to rebuild his media empire by combining Fox and Development Corporation.
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