Media mogul Rupert Murdoch hands over empire to son Lachlan

Rupert Murdoch will step down as chairman of his global media empire, handing the post to son Lachlan, Fox Corp and News Corp announced Thursday.

The Australian-born 92-year-old, who built a global entertainment and news juggernaut, will shift into an emeritus status at both companies in mid-November, the companies said, reports AFP.

Rupert Murdoch told employees at Fox Corp and News Corp that the companies were "in robust health, as am I" as he announced he was stepping down.

"Our opportunities far exceed our commercial challenges," he said in a letter seen by Reuters.

"We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense."