Rupert Murdoch, the well-known media mogul, has announced his decision to step down as chairman of News Corp and Fox, with his son, Lachlan Murdoch, set to take over his role at both companies.

In an email sent to staff at ’s, owned by Dow Jones, a unit of News Corp, the 92-year-old Murdoch expressed his deep pride in the collective achievements of the company throughout the decades. He acknowledged the invaluable contributions of his colleagues, which have often gone unnoticed by those outside the company.

As Murdoch assumes the honorary position of chairman emeritus, his eldest son will assume full control as the sole chairman. This transition marks a significant milestone in the evolution of both News Corp and Fox.

The stock market has responded with slight fluctuations in value. Shares of News Corp (ticker: NWSA) were down 0.1% during premarket trading on Thursday, while Fox (FOX) stock experienced a 0.4% drop.

(This is developing news. Please check back soon for more detail and analysis.)

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