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NEW YORK — Fox Corporation has announced that Rupert Murdoch is stepping down as chairman of both Fox Corporation and News Corp.

His son, Lachlan Murdoch, will take over as the Chairman of News Corp. and continue to hold the position of Executive Chairman and Chief Executive Officer of Fox Corporation.

Lachlan Murdoch issued a statement on Thursday, congratulating his father on his remarkable 70-year career and thanking him for his vision, pioneering spirit, steadfast determination, and the enduring legacy he leaves behind.

The statement also expressed gratitude on behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from Rupert Murdoch’s hard work and countless contributions.