BREAKING: Rupert Murdoch steps down as FOX Chairman

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Rupert Murdoch is stepping down as chairman of the board of both Fox Corp. and News Corp. The Chairman making the announcement saying he will now transition to chairman emeritus of each company and Lachlan Murdoch the chairman's son will become sole chairman of News Corp and will continue as Fox Corp.’s executive chair and CEO.

In a letter Murdoch said in part "I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News," Murdoch wrote. "For my entire professional life, I have been engaged daily with news and ideas, and that will not change. "

The move will be official in November.

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