(Sharecast News) – Rupert Murdoch is to step down as chair of Fox and News Corporation, it was officially announced on Thursday, with the 92-year-old media empire owner becoming “chair emeritus”, leaving the way open for his son Lachlan to take over the reins.

“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,” he wrote in a note to staff first reported in the Murdoch-controlled Wall Street Journal.

Reporting by Frank Prenesti for Sharecast.com

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