More now from Murdoch’s statement.

The 92-year-old said he would be taking up the position as chairman emeritus of Fox Corporation and News Corp.

“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” he said.

“But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole chairman of both companies.”

In the letter he thanks “truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code”, thanking them for their “day-after-day dedication”.

“Our companies are in robust health, as am I,” he said.