Media mogul Rupert Murdoch has announced that he will formally step down as chairman of Fox and News Corp in the United States in November. Us media reported that the departure of the 92-year-old Murdoch marks the end of an era.

"I am writing to let you know that I have decided to transition to the role of chairman Emeritus of Fox and News Corporation," Murdoch wrote in a letter to employees, "knowing that we have talented teams and a passionate, principled leader in Lachlan who will become the sole chairman of both companies."

The Australian-born Murdoch, who inherited a newspaper company from his father 70 years ago, has had a profound impact on US media and national politics by founding Fox and News Corp. Among them, Fox company owns Fox News Channel and so on, while News Corporation owns the Wall Street Journal, The New York Post, The Times, The Sun and so on.

Murdoch's announcement that he will step down as chairman of Fox and News Corp came as a surprise, and his eldest son Lachlan Murdoch will inherit his media empire, while Murdoch will become honorary chairman of the board of directors of both companies.

CNN reported that this is a critical time for the US media industry, as the media industry faces a radical transformation of traditional businesses such as television. Mr Murdoch's announcement that he is stepping down will also send shockwaves through the political world. Fox News is currently embroiled in a lawsuit for "peddling former President Trump's election lies" after the 2020 presidential election.

The New York Times said the announcement was epoch-making, at least marking the end of Murdoch's active career. In addition, although Murdoch named Lachlan to inherit his business empire, a fierce succession battle may still be looming, and Lachlan's brother James Murdoch may eventually control Fox News Channel.