Fox Corp and News Corp chairman Rupert Murdoch announced Thursday that he is stepping down from both roles after a tumultuous year for the Fox News franchise.

Murdoch, 92, is stepping down and making way for his son, current FOX Corp CEO Lachlan Murdoch, to server as sole chairman of News Corp.

The move comes months after Fox News agreed to pay a $787.5 million lawsuit by Dominion Voting Machines for unfounded allegations of election fraud in the 2020 US elections leveled by the network's anchors.

The lawsuit revealed inside turmoil between the Murdochs and popular former anchor Tucker Carlson, who was fired despite his show's popularity. The news network saw its ratings fall after it stopped advancing former President Donald Trump's false claims of a rigged election.

Murdoch made the announcement in a letter to employees, detailing his new role with the companies.

Editor's note: Check back for updates to this breaking news story.

Rupert murdoch