Rupert Murdoch has stepped down as the CEO of Fox and News Corp after 70 years in charge.
The 92-year-old billionaire will take on the role of chairman emeritus while his son Lachlan becomes the sole leader of both companies.
The move will be finalised in November. Murdoch wrote in a note to his employees: “Our companies are in robust health, as am I. 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.”
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