Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and News Corp, with his son Lachlan to head both companies.
In a memo to employees, Murdoch said “the time is right” for him to take on “different roles”.
Murdoch, 92, launched Fox News in 1996.
It is now the most watched TV news channel in the US.
The news emerged in a memo posted to Fox News’ website.
Murdoch said he will transition to the role of Chairman Emeritus of both firms.
It comes months after the mogul ditched a plan to merge Fox and News Corp, which would have reunited two major media assets.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges,” he wrote. “We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.”