Rupert Murdoch, creator of Fox News, steps down as head of News, Fox Corp

Rupert Murdoch, the 92-year-old media tycoon who founded Fox News, is resigning from his leadership roles at Fox's parent company and News Corp.

Fox made this announcement on Thursday, stating that Murdoch will assume the position of chairman emeritus at both entities. His son, Lachlan, will take over as chairman of News Corp. and will continue serving as the CEO of Fox Corp. Lachlan Murdoch expressed gratitude for his father's new role as chairman emeritus and anticipated that he would continue offering valuable advice to both companies.

This is a developing story. Please check back for updates.

(With inputs from agencies)

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