(Mike Blake/Reuters)

(CNN) -- Rupert Murdoch announced Thursday that he will step down as chairman of Fox Corporation and Fox News.

"Throughout my professional life, I have been engaged daily with news and ideas, and that will not change," Murdoch wrote in a memo to employees. "But the time is right to take on different roles, knowing that we have truly talented teams and a passionate and principled leader at Lachlan, who will become the sole chairman of both companies."

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