Rupert Murdoch announces transition to new role of Chairman Emeritus of Fox Corporation and News Corp.

Media mogul Rupert Murdoch is transitioning from his roles as Chair of Fox Corporation and Executive Chairman of News Corp, he announced on Thursday.

Murdoch, 92, informed colleagues in a letter Thursday of his decision, noting he was in good health. He will officially make the transition in November, and his son Lachlan will become the sole chairman of both companies.

"I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News," Murdoch wrote. "For my entire professional life,...