Billionaire Rupert Murdoch has stepped down as the chairman of Fox Corp and News Corp after more than 70 years in media.

Murdoch has announced that his son, Lachlan Murdoch, will be his successor – as the sole chairman of News Corp and the chair and CEO of Fox.

The 92-year-old is the owner of hundreds of local, national, and international publishing outlets around the world.

Murdoch will retain his stakes and has been appointed chairman emeritus of both companies.