The longtime media mogul is putting his son, Lachlan, in charge of Fox and News Corp.
Murdoch on Thursday announced that he would be transitioning to chairman emeritus, effective in mid-November, and elevating his son, Lachlan, to the top role just one year before the next presidential election.
The announcement was accompanied by a letter penned by Rupert to all of his employees, informing them of the upcoming change and how his"passionate, principled" son will take the helm.
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