Media mogul Rupert Murdoch announced Thursday that he is retiring his positions on the boards of Fox Corp. and News Corp. and handing control over to his eldest son, Lachlan Murdoch.

Murdoch, 92, started his media career 70 years ago in his native country of Australia, the New York Times reported. He’d never shown any significant intention of slowing down his career or leaving the companies, but decided on Thursday to do so. He handed over operations of the empire to his son, Lachlan.

“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 said in a statement. (LEARN MORE: Fox News Producer Says Fox Lawsuit Caused Tucker Carlson’s Censorship)

Murdoch Retains The Controlling Vote

Murdoch’s move, though unexpected, does not necessarily cause significant strife within his family. There were concerns a sudden departure could leave the Murdoch’s in chaos, with each of his four children fighting for control of the empire.

But until Murdoch dies, he holds the controlling vote throughout his organizations. And following his death, each of his children will have an even vote over the future of his companies.

Fox Corp. has fallen into some level of disrepute since ditching their star anchor, Tucker Carlson. So, it’ll be interesting to see how the younger Murdoch family members rebuild their reputation in the years to come.

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