Business magnate Rupert Murdoch is stepping down as chairman of Fox Corp and News Corp, ending a decadeslong reign that will be passed onto his son, the companies announced Thursday .

The transition to Lachlan Murdochs leadership as sole chair of News Corp will be effective in mid-November. He will continue to serve as executive chair and chief executive officer of Fox Corp, Fox News Corp said. Rupert Murdoch, 92, will serve as chairman emeritus.

His oldest son Lachlan Murdoch, 52, has served with his father as co-chairman of News Corp since 2014 and as chairman and CEO of Fox Corp since its incorporation in 2019.