Rupert Murdoch, the creator of Fox News, is stepping down as head of News Corp and Fox Corp

Rupert Murdoch, the 92-year-old Australian media magnate whose creation of Fox News made him a force in American politics, is stepping down as leader of both Fox’s parent company and his News Corp media holdings.

Fox said Thursday that Murdoch would become chairman emeritus of both companies, effective at board meetings in November. His son, Lachlan, will become News Corp chairman and continue as chief executive officer of Fox Corp.

Lachlan Murdoch said that “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies”.