Media Mogul Rupert Murdoch stepped down as the chairman of Fox and News Corp after over a seven-decade stint, reports said on Thursday.

According to sources, his son Lachlan Murdoch will become the sole chairman of News Corp and continue as the CEO of Fox.

Rupert Murdoch would continue to become the chairman emeritus of both companies, and Lachlan will become News Corp chairman and continue as chief executive officer of Fox Corp.

After announcing his retirement, Murdoch wrote a memo to the employees and wrote, “I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News. 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," Murdoch further wrote.