Rupert Murdoch is stepping down from his roles as chair of Fox Corp. and Executive Chairman of Fox News Corp., the company announced Thursday.

Murdoch, 92, will become Chairman Emeritus of each company following the company’s annual general meetings in mid-November. Lachlan Murdoch will replace his father as sole chair of News Corp and continue as Executive Chair and Chief Executive Officer of Fox Corporation.

“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,” Lachlan Murdoch said. “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. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”

On a note to employees, Murdoch confirmed he was in “robust health,” and planned to be involved in both organizations for years to come.

“Our companies are in robust health, as am I,” the elder Murdoch said in a note to employees. “We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense,” he said in a letter to employees.

The Australian mogul started in the media industry in 1954 before purchasing newspapers and television stations in the 1980s. Fox News network was launched in 1996.