The media world was shaken up this week after it was announced that a titan of the industry has decided to step down. 

According to CNBC, Rupert Murdoch, chairman of the board of both Fox Corp. and News Corp., will step down from his role in November, passing the torch to his son, Lachlan Murdoch.

Specifically, Lachlan Murdoch will "become sole chairman of News Corp. and will continue as Fox Corp.’s executive chair and CEO."

The 92-year-old media veteran will reportedly be appointed chairman emeritus of each company. He released a statement on the bombshell news to employees of the company this week.

"Our companies are in robust health, as am I,” Rupert Murdoch wrote to employees.

He added, "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."

Murdoch held nothing back in his farewell note to his employees, even taking a massive shot at the "elites" that make up "self-serving bureaucracies."

"Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose. Elites have open contempt for those who are not members of their rarefied class," he said.

"Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth."

Murdoch's fiery internal note sent to all staff on Thursday: "Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth." pic.twitter.com/KmKwaeKAsr

— Aidan McLaughlin (@aidnmclaughlin) September 21, 2023

Murdoch began building his media empire in 1954 with a company that owned the number two newspaper in Australia.

CNBC noted:

From there he built his newspaper empire, stretching to racy tabloids in Britain and later the U.S.

In the 1980s, he entered the television business, and bought oil tycoon Marvin Davis’ 50% stake in Twentieth Century Fox in 1985. He became a U.S. citizen that year in order to meet the requirement for owning TV stations in the country.

Notably, his exit comes in the wake of Fox News settling a staggering $787.5 million Dominion Voting Systems’ defamation lawsuit, which rocked the company. Tucker Carlson's departure further knocked it down a peg, audience-wise.

Only time will tell what the elder Murdoch's true role will be as the 2024 election rolls around.