Australian media giant Rupert Murdoch announced his resignation as chairman of Fox News and News Corp. Murdoch, 92, announced that his son Lachlan will take over both companies.

In an announcement sent to his employees, Murdoch said he would become honorary chairman of both companies and that "the time was right" for him to take on "different roles".


In 1996, Murdoch, who founded Fox News, abandoned his plan to merge Fox News and News Corporation a few months ago.

In his resignation announcement, Murdoch said, "Our companies are as healthy as I am. Our opportunities far exceed our business challenges. We have every reason to be optimistic about the years ahead. I certainly am, and I plan to be here to participate in what happens."