The Australian-born 92-year-old will hand control of his media empire to his son Lachlan.
Rupert Murdoch will transition to the role of chairman emeritus at Fox and News Corp in mid-November.
“I am writing to let you all know that I have decided to transition to the role of chairman emeritus,” Murdoch said in a letter to colleagues, according to a story on Fox News’ website. Along the way, Murdoch has become an influential power player in global politics thanks to a news division that often blurred the line between commentary and journalism, championing right-wing voices who sometimes disregarded facts in promoting partisan narratives.
A week after the settlement, Fox ousted conservative firebrand Tucker Carlson, one of several prominent Fox figures who had publicly championed Trump while castigating him in private messages to colleagues, a fact made public by the Dominion suit.