It's the end of a headline-making era for Rupert Murdoch.

According to a Sept. 21 announcement,Michael Schmidt the 92-year-old billionaire is stepping down from his position as chairman of Fox and News Corp. "effective as of the upcoming Annual General Meeting of Shareholders of each company in mid-November."

At that time, the press release states, Rupert will be appointed Chairman Emeritus of the companies. After the Annual General Meetings, his son Lachlan Murdoch will become sole chairman of News Corp.—the media and publishing company—with the 52-year-old will also continuing as Executive Chair and Chief Executive Officer of the family's other mass media company, 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 said in a Sept. 20 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."

"We are grateful that he will serve as Chairman Emeritus," he continued, "and know he will continue to provide valued counsel to both companies."

Rupert also addressed his resignation in a Sept. 20 note to his employees, obtained by NBC News. 

"For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles," he shared. "In my new role, I can guarantee you that I will be involved every day in the contest of ideas."

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