Rupert Murdoch is stepping down as chairman of his global media empire, handing him over to his son Laclan, Fox Corp. and News Corp. reported.

The Australian-born 92-year-old tycoon who built a global entertainment and news company will move to honorary member status for both companies in mid-November, the companies said. This happened after 70 years of rule of the media empire.

The billionaire will assume the new role of honorary chairman, and his son Lachlan will become the sole chairman of both companies.

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"On behalf of the boards of directors of Fox and News Corp, the management teams, and all shareholders who have benefited from his dedicated work, I congratulate my father on his distinguished 70-year career," Lachlan said in a statement. "We thank him for his vision, pioneering spirit, unwavering determination and the enduring legacy he leaves to the companies he founded and the countless people he influenced," the younger Murdoch said.


Rupert Murdoch