Rupert Murdoch has announced he will step down from his role leading Fox Corp. and News Corp. and will hand the reins to his son, Lachlan.

The 92-year-old shared his belief that the time is right to make the transition.

“I have decided to transition to the role of Chairman Emeritus at Fox and News”, Murdoch said, adding that Lachlan Murdoch “will become sole chairman of both companies”.

“The time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader,” Murdoch said of his son.

“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,” Murdoch continued.

The longtime executive said just because he is relinquishing his title doesn’t mean he will step away from the companies he built completely.

“In my new role, I can guarantee you that I will be involved every day in the contest of ideas. Our companies are communities, and I will be an active member of our community,” Rupert Murdoch wrote of his new role. “I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas, and advice.”

Murdoch’s departure comes after a new book claims he believed Fox News could settle its defamation lawsuit with Dominion Voting Systems for $50 million. The network ultimately paid a $787.5 million settlement with the voting machine company after it was accused of deliberately airing falsehoods about the validity of the 2020 Presidential election.

Murdoch began his media executive career 70 years ago by taking over The News in Adelaide, Australia after his father’s death. He went on to own hundreds of local, national, and international newspaper and book publishing outlets, and television channels during his career.

The news of Murdoch’s departure was announced during America’s Newsroom on Fox News.

“We’d like to add our gratitude, as well,” anchor Bill Hemmer said. “Rupert Murdoch created all of this and so much more across America and the globe. His life’s work has left an indelible imprint on the global media landscape. His contributions are both innumerable and extraordinary. And we thank him for letting us be a part of it all. Thank you, Rupert. And congratulations.”

As the 2024 Presidential election season begins to take shape, political advertising will also ramp up. A new report shows that the majority of the spending will take place in seven battleground states.

Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin are slated to see the most political advertising, according to AdImpact. An estimated $821 million is forecasted to be spent in Arizona alone.

AdImpact shares that political advertising is expected to grow by 13% across broadcast, cable, radio, satellite, digital, and connected television in 2024. The forecasted expenditure will quadruple what was spent in the 2016 election.

The organization adds that 3.9% of all campaign advertising will be spent on radio. Meanwhile, BIA claims the industry is expected 5.3% of the media budgets from candidates.

The Library of American Broadcasting Foundation has announced its 2023 Giants of Broadcasting & Electronic Arts, with several news media and media business professionals being honored.

Beasley Media Group CEO and board chair Caroline Beasley was named one of the giants. Beasley was inducted into the Broadcasting and Cable Hall of Fame earlier this year.

Former Susquehanna Media CEO David Kennedy was also named a giant. Currently, Kennedy serves as the Director of mobile company appMobi, and is also Managing Director of venture capital firm Aspire Ventures.

NPR legal correspondent Nina Totenberg was also named a giant. Totenberg was inducted into the Radio Hall of Fame earlier this year.

Television news hosts and reporters were also honored with the distinction, with longtime CNN anchor Wolf Blitzer and ABC News reporter Juju Chang also earning the honor.

Other 2023 Giants of Broadcasting & Electronic Arts include FOX Sports CEO Eric Shanks, and NBCUniversal Local Chairman Valari Dobson Staab.

The Library of American Broadcasting Foundation will honor the seven industry figures at a gala on Tuesday, November 14th at Gotham Hall in New York City.

“This event celebrates the ‘best of the very best’,” said LABF Co-Chairs Heidi Raphael and Jack Goodman. “We are absolutely thrilled to pay tribute to and recognize these outstanding individuals for their many trailblazing contributions on behalf of the media industry and American culture.”

The organization added that other honors will be announced in the coming weeks.