Rupert Murdoch is stepping down from his roles as chair of Fox Corporation and executive chairman of News Corp, he announced Thursday in a letter.

Murdoch, 92, is transitioning to the title of chairman emeritus and said he was in good health. He will officially make the transition in November. His son, Lachlan, is set to become the sole chairman of both companies.

"For my entire professional life, I have been engaged daily with news and ideas, and that will not change," Murdoch wrote in the letter, while noting that the time is right for him to take on different roles.

"Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me," he said.

Lachlan Murdoch released a letter congratulating and thanking his father.

"On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career," he said in the letter.

"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted."

70-year career ends after Dominion settlement, Tucker Carlson departure

Murdoch steps down after a tumultuous period for Fox's TV network.

The company earlier this year settled the defamation lawsuit with Dominion Voting Systems for $787.5 million right as the case was about to go to trial. Dominion sued Fox News and its parent corporation in 2021, claiming the network knowingly broadcast lies about the 2020 election.

A week after the settlement was agreed to, the network and top talent Tucker Carlson agreed to part ways.

Previously:Fox News and Dominion reach $787.5M settlement just before defamation trial was set to begin

Previously:Tucker Carlson leaves Fox News in wake of Dominion Voting Systems lawsuit

Murdoch served as executive chairman of 21st Century Fox from 2015 to the closing of the merger between the company and The Walt Disney Company in March 2019, according to Fox's website.

Before that, he served as CEO of 21st Century Fox from its inception as News Corp in 1979 until 2015, and as its chairman from 1991 to 2015.