Rupert Murdoch steps down as Fox and News Corp chairman

Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and News Corp, with his son Lachlan to head both companies.

In a memo to employees, Murdoch said "the time is right" for him to take on "different roles".

Murdoch, 92, launched Fox News in 1996. It is now the most watched TV news channel in the US.

Murdoch said he will transition to the role of Chairman Emeritus of both firms in mid-November.

It comes months after the mogul ditched a plan to merge Fox and News Corp, which would have reunited two major media assets.

"Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges," he wrote. "We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them."

The announcement of Murdoch's transition comes during a turbulent year for Fox, which in April agreed to pay a $787.5m (£634m) settlement after being sued by voting machine company Dominion over its reporting of the 2020 presidential election.