Mr Murdoch’s eldest son Lachlan Murdoch will take over from his father ending long-running, speculation that saw him vie with brother James for control of the media empire, mirroring the globally successful HBO series Succession.
In a statement, he said that he had “decided to transition to the role of Chairman Emeritus at Fox and News,” with his son Lachlan to “ become sole Chairman of both companies.”
The 92-year-old informed colleagues in a letter on Thursday of his decision, noting that he would officially make the transition in November.
“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News,” Murdoch wrote. “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.
“But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
“Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.
“Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them.”
The British arm of Murdoch’s media empire, News UK, publishes nearly a third of national papers sold every day.
According to Forbes, he is reported to have a net worth of over $17 billion after he first started to build his empire in Australia during the 1950s.
In 1969, he took on Fleet Street with the purchase of the News of the World and The Sun, which would both become two of the most successful and best-selling tabloids in the UK.
He went on to purchase The Times and Sunday Times in 1981, while also building his empire in America with the acquisition of the New York Post.
Murdoch later expanded into television to create Fox News Channel, which became the dominant cable news subscription network in the US.
Other assests included The Wall Street Journal, book publishing giant HarperCollins and 21st Century Fox, which was sold to Disney for $71 billion in 2019.
His lengthy career has not escaped controversy, with Fox News facing criticisim in recent years for airing baseless claims of voter fraud after Donald Trump lost the 2020 election.
It led to a high-profile defamation trial initiated by Dominion Voting Systems, which saw Fox News agreeing to pay a $787.5 million settlement.
In 2011, the outrage and condemnation over the phone hacking scandal led Mr Murdoch to close the News of the World tabloid, which left him “humbled and very shaken”.
Journalists working for the paper had accessed the voicemail of murdered teenager Milly Dowler, giving her parents false hope that she may still be alive. Celebrities, royals and politicians claimed to be victims of phone-hacking, with the government ordering the highly critical Leveson Inquiry to examine press standards.
Lachlan Murdoch also released an announcement congratulating his father and his legacy.
“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch.
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
It was widely assumed that one of Mr Murdoch’s three children from his second marriage would succeed him in his role.
There had been endless speculation inside and outside his News Corporation holding company about who was the favourite at any one time.
Jesse Armstrong, the creator of hit TV series Succession, confirmed that the original script was based on Mr Murdoch, following many years of speculation by fans and media.
Piers Morgan has hailed Rupert Murdoch as a “bold, brilliant, visionary leader whose audacity & tenacity built a magnificently successful global media empire”.
The journalist and broadcaster was editor of Mr Murdoch’s now defunct newspaper News Of The World and currently has his own programme on TalkTV which is owned the media mogul’s company News UK.
Writing on X, formerly known as Twitter, Morgan said: “Rupert Murdoch has been a bold, brilliant, visionary leader whose audacity & tenacity built a magnificently successful global media empire.
“It’s been a privilege to work for him on and off for the past 30 years, and an ongoing masterclass in journalism & business. Thanks Boss!”