Business mogul Rupert Murdoch, 92, has officially stepped down as head of Fox and News Corp after seven decades at its helm.

He's named his eldest son Lachlan Murdoch as the next chairman.

In a note first published in the Wall Street Journal, a publication owned by Murdoch, he announced, "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."

Lachlan Murdoch, 52, shared a statement of his own after the news broke. "On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career."

The question of who would succeed Rupert Murdoch as chairman of his media empire has been following the mogul for most of his career. Intending to keep it within the family, speculation arose about which of his three children vying for the position Murdoch would choose- and it seems his eldest has secured the top spot. If that story sounds familiar, it served as the close inspiration for the acclaimed TV drama Succession, whose final season aired earlier this year.

Rupert Murdoch is a powerful figure who has seen many controversies throughout his career, the latest being accusations earlier this year that Fox willingly broadcast false claims intended to influence the United States 2020 election. The company ended up settling the lawsuit for an eye-watering $787.5 million, in order to avoid going to trial.

Notable figures have shared their reactions to the news, including US conservative senator Lindsey Graham and UK politician Jeremy Corbyn. Reactions were mixed, with Graham calling the news of Lachlan's succession "good news for conservatives and independent-minded Americans", while Corbyn took a darker stance as he claimed Murdoch's empire "has poisoned global democracy."

You can find some of twitter's reactions below.

The announcement that Lachlan Murdoch will become the new NewsCorp Chairman is indeed good news for conservatives and independent-minded Americans.

— Lindsey Graham (@LindseyGrahamSC) September 21, 2023

Rupert Murdoch's media empire has poisoned global democracy and spread disinformation on a mass scale.

It's time to break up monopolies and build a truly free media — one that exposes the truth, challenges the powerful and amplifies local voices building a better world.

— Jeremy Corbyn (@jeremycorbyn) September 21, 2023

On this happy day on which Rupert Murdoch has announced his retirement, let us reflect on the fact that no single individual has done more damage to Western democracy or more for the intellectual and moral decay of our society during the past half century than Rupert. Good…

— David Rothkopf (@djrothkopf) September 21, 2023

Brexit would not have happened without Rupert Murdoch. He also helped to save the pound. 🇬🇧 pic.twitter.com/jECyHt4yYe

— Nigel Farage (@Nigel_Farage) September 21, 2023

Rupert Murdoch gave a platform to lies that poisoned an audience of millions, pushed conspiracy theories, & helped foment an insurrection – all while believing none of it. He's done more damage to our country than anyone or anything that Fox News vilified every night on air.

— The Lincoln Project (@ProjectLincoln) September 21, 2023