Media baron Rupert Murdoch is stepping down at Fox and News Corp after over seven decades, with his son, Lachlan Murdoch taking over as the next chairman of the companies, as per media reports.

Fox said that the mogul would become chairman emeritus of both companies, and Lachlan will become News Corp chairman and continue as chief executive officer of Fox Corp.

“We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies,” Lachlan Murdoch was quoted as saying.

'For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch wrote in a memo to employees. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies."

His exit comes only months after Murdoch, 92, scrapped a plan that would have reunited his media empire by merging Fox and News Corp.

The media mogul has six children from his first three marriages. He was married to Ms. Hall for six years. Prior to that, he was married to Wendi Deng from 1999 to 2013, Anna Maria Torv from 1967 to 1999; and Patricia Booker from 1956 to 1967.