Rupert Murdoch, who founded Fox News and become a political power, is resigning

Rupert Murdoch's surprising resignation Thursday puts his son Lachlan in line to oversee Fox and the rest of the media company.

The 92-year-old Australian billionaire's Fox News Channel has indelibly shaped American politics. In 1952, his father left him an Adelaide newspaper, which he grew into a US and British news and entertainment empire.

Fox announced that Murdoch would become chairman emeritus of Fox Corp. and News Corp. media businesses in November. Lachlan will become News Corp. chairman and Fox Corp. CEO.

Lachlan Murdoch stated, “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel.”

Murdoch is a hero to some and a pariah to others because Fox News Channel has shaped television and national politics since 1996. The 24-hour network channeled political talk radio's fire to TV. In six years, it outrated CNN and MSNBC, and still does.

Rupert Murdoch founded Fox News and Fox Broadcasting, the first to challenge ABC, CBS, and NBC with shows like “The Simpsons.” The Wall Street Journal and New York Post are his. The 2019 sale of major entertainment properties to Walt Disney Co. reduced his corporate interests.

Murdoch's New York Post, like Fox, promotes his conservative views. 

Despite Murdoch's elderly age, Thursday's statement surprised some.

Murdoch raged against elites who show “open contempt for those who are not members of their rarified class” in a Thursday letter to staff. Despite his media CEO stature and his family's $19 billion wealth, Forbes projected in 2020, Murdoch's letter showed he is not one of them.

He also said his retirement won't involve beach time.

“I can guarantee you that I will be involved every day in the contest of ideas,” he wrote. “Our companies are communities, and I will participate. I will watch our broadcasts critically and study our newspapers, websites, and books with interest.”