Rupert Murdoch, the media mogul who has been at the helm of Fox Corp. and News Corp. for decades, has announced that he will be stepping down from his position as executive chairman of both companies. The announcement was made on Tuesday, and it marks the end of an era for the Murdoch family, who have been a major force in the media industry for more than 50 years.

In a statement released by Fox Corp., Murdoch said that he had been considering stepping down for some time and that he wanted to make sure the transition was managed properly. He said that he was confident that the companies would continue to thrive under the leadership of his son, Lachlan Murdoch, who will become the executive chairman of Fox Corp. and News Corp.

Murdoch has been the driving force behind Fox Corp. and News Corp. since they were founded in the 1980s. The two companies have gone on to become major media players, with Fox Corp. owning Fox News, Fox Sports, and a number of other cable networks, and News Corp. owning the Wall Street Journal, the New York Post, and a number of other newspapers and magazines.

Rupert Murdoch's departure from Fox Corp. and News Corp. marks the end of an era for the media industry. Murdoch has been a major influence on the industry for decades, and his departure is sure to leave a void. However, with his son, Lachlan, taking over the reins, the companies are sure to continue to be major players in the industry for years to come.