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- Rupert Murdoch is officially stepping down from his current role at Fox News and News Corp.
- He's handing the reins to his son, Lachlan Murdoch.
- Lachlan Murdoch was previously the executive chairman and CEO of both companies.
Rupert Murdoch announced Thursday that he's stepping down from his current role at Fox Corporation and News Corp.
He will hand the reins to his son, Lachlan, who will take over as sole chairman of both companies, Murdoch said in a memo to employees.
"My father firmly believed in freedom," Murdoch wrote, "and Lachlan is absolutely committed to the cause."