Rupert Murdoch announced Thursday that he will step down as chairman of Fox and News Corp. in November to make way for his son Lachlan to become the sole chairman of both companies.

Murdoch, 92, built a media empire over the course of seven decades that changed both news and entertainment.

“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News,” Murdoch wrote in a message to staff. “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, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.”

He added: “Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.”