Media tycoon Rupert Murdoch is to retire as chairman of his Fox and News Corp businesses.

The Australian businessman is set to be replaced in the role at both companies by his son Lachlan Murdoch.

The change of leadership will take place following the companies' annual meeting in mid-November.

Lachlan Murdoch said: "On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career.

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"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted."

Lachlan Murdoch returned to the family business in 2014 after an abrupt departure nearly a decade earlier which had left Rupert Murdoch's other son, James Murdoch, in pole position for succession.

The 92-year-old said he would be taking up the position as chairman emeritus of Fox Corporation and News Corp.

"For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” he said.

“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.”

In the letter he thanks “truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code”, thanking them for their “day-after-day dedication”.

“Our companies are in robust health, as am I,” he said.

Fox Corporation and News Corporation said Rupert Murdoch's son, Lachlan, will become sole chairman of the firms after their annual general meetings in mid-November.

He will continue as executive chairman and chief executive of Fox Corporation.

Mr Murdoch will be appointed chairman emeritus of each company.

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Rupert Murdoch has said the "time is right" to take on different role.

He wrote in a letter to staff on Thursday: "Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them.

"In my new role, I can guarantee you that I will be involved every day in the contest of ideas. Our companies are communities, and I will be an active member of our community."

Piers Morgan hailed Rupert Murdoch as a "bold, brilliant, visionary leader whose audacity & tenacity built a magnificently successful global media empire".

The journalist and broadcaster was editor of Mr Murdoch's now defunct newspaper News Of The World and currently has his own programme on TalkTV which is owned the media mogul's company News UK.

Writing on X, formerly known as Twitter, Morgan said: "Rupert Murdoch has been a bold, brilliant, visionary leader whose audacity & tenacity built a magnificently successful global media empire.

"It's been a privilege to work for him on and off for the past 30 years, and an ongoing masterclass in journalism & business. Thanks Boss!"