Rupert Murdoch steps down as Fox and News Corp. chairman

Rupert Murdoch, the powerful right-wing media mogul who built and oversaw one of the world’s most influential news empires, announced Thursday that he will step down as chairman of his companies, Fox Corporation and News Corp.

“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch, 92, wrote in a memo to employees. “But the time is right for me to take on different roles, knowing that we have truly talented teams.”

As the leader of Fox and News Corporation, which publishes influential broadsheets such as The Wall Street Journal and tabloid New York Post, Murdoch has for decades commanded considerable influence in the Republican Party, matched by only a select few.