Rupert Murdoch, the influential Australian media mogul who significantly impacted conservative media, is set to resign as the chairman of both Fox Corp. and News Corp.

Fox Corp. revealed in an official statement that he will assume the title of chairman emeritus for both companies. His elder son, Lachlan Murdoch, will take over as the primary chairman for both entities.

In a heartfelt note to his team, 92-year-old Murdoch stated, “Throughout my career, I’ve been deeply involved with news and its impact. While that passion remains unchanged, it’s the right moment for me to transition into new roles.”

He emphasized his continued commitment by adding, “In this evolved capacity, I assure you, I’ll remain actively engaged in the intellectual discourse every day.”

The official announcement from Fox Corp. mentioned that Murdoch’s resignation will be finalized in a shareholder gathering scheduled for November.

Lachlan Murdoch expressed his admiration, saying, “I commend my father for his incredible seven-decade-long journey in the media landscape.”