Rupert Murdoch is retiring from the Fox and News Corporation boards, the company announced Thursday morning, making his son Lachlan the sole executive in charge of the global media empire he built from a small local newspaper concern in Australia starting 70 years ago.

The elder Mr. Murdoch will become chairman emeritus of the two companies, the company said in a release.

Mr. Murdoch, 92, had shown no intention to step down or even slow down — even after he named Lachlan as the heir to his business empire in 2019, when he sold his vast entertainment holdings to the Walt Disney Company.

Even now, in his emeritus status, he will continue to offer counsel, Lachlan Murdoch said in a statement.

“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,” Lachlan Murdoch, 52, said in a release the company put out Thursday morning.

This is a developing story. Check back for updates.