Rupert Murdoch steps down as chairman of Fox, News Corps, son Lachlan to take the helm

"For my entire professional life, I have been engaged daily with news and ideas, and that will not change," the 92-year-old media mogul wrote in a memo to employees, according to CNN. "But the time is right for me to take on different roles, knowing that we have truly talented teams."

In Murdoch’s place, his son who currently serves as chief executive of Fox Corporation, Lachlan, will become sole chairman of both companies.

Murdoch called his son a "passionate, principled leader."

"My father firmly believed in freedom, and Lachlan is absolutely committed to the cause," Murdoch wrote in the memo. "Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose. Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth."

Murdoch, who assured employees that he is in "robust health," said that in his new role as chairman emeritus, he would still be "involved every day in the contest of ideas."

Fox News, which was launched by Murdoch in 1996, announced its founder’s retirement on air Thursday morning.

"Rupert Murdoch created all of this and so much more across America and the globe," anchor Bill Hemmer said. "His life’s work has left an indelible imprint on the global media landscape. His contributions are both innumerable and extraordinary and we thank him for letting us be a part of it all."

"Without him, we would not be here," fellow anchor Dana Perino added.

In the spring, it was revealed that Murdoch reportedly played a role in the firing of popular Fox News host Tucker Carlson. Sources close to the matter said that the decision came from Murdoch with input from board members and Fox executives.