Read Rupert Murdoch's memo to staff announcing he's stepping down from Fox and News Corp.

• Rupert Murdoch said Thursday he's stepping down as chair of Fox and News Corp.
• Murdoch will exit his role in November. His eldest son, Lachlan Murdoch, will be his successor.

Media mogul Rupert Murdoch announced he is stepping down from his role as chairman at News Corp. and Fox on Thursday.

The 92-year-old billionaire's departure will leave Lachlan Murdoch, his eldest son, as the sole chair of News Corp. Lachlan is also the executive chair and CEO of Fox, which was part of News Corp until it was split from the company in 2013.

"For my entire professional life, I have been engaged daily with news and ideas, and that will not change," Murdoch wrote in the memo that was sent to his employees. "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."

Murdoch started out in the newspaper business in the 1950s and later purchased Twentieth Century Fox in 1985, as well as several US television stations in 1986, creating Fox Broadcasting. The billionaire's media empire includes most notably Fox News and The Wall Street Journal.

Read the full memo below.

Dear Colleagues,

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

Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me. Whether the 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, we would be less successful and have less positive impact on society without your day-after-day dedication.

Our companies are in robust health, as am I. 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. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.

My father firmly believed in freedom, and Lachlan is absolutely committed to the cause. Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose. Elites have open contempt for those who are not members of their rarefied class.

Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth.

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. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas, and advice. When I visit your countries and companies, you can expect to see me in the office late on a Friday afternoon.

I look forward to seeing you wherever you work and whatever your responsibility. And I urge you to make the most of this great opportunity to improve the world we live in.