Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and News Corp, with his son Lachlan to head both companies.

In a memo to employees, Murdoch said “the time is right” for him to take on “different roles”, as he will transition to the role of Chairman Emeritus of both firms in mid-November.

The 92 year old Murdoch launched Fox News in 1996. It is now the most watched TV news channel in the US.