His retirement after 70 years as chairman of Fox Corporation and Fox Newsthe media mogul announced, Rupert Murdoch.

According to Daily Mailhis position is about to take over his eldest son Lachlan Murdoch, while he will take on a new role as Honorary Chairman.

In a letter to employees of Fox Corp. and News Corpannouncing his resignation, he emphasized that companies are in “thriving health, and so am I.”

“Our opportunities far outweigh our commercial challenges”said Rupert Murdoch in the letter obtained by Reuters.

“We have every reason to be optimistic about the years ahead – I certainly am, and I plan to be here to be a part of what’s to come. But the battle for freedom of speech, and ultimately freedom of thought, has never been more intense,” he said.

Rupert Murdoch’s resignation will take effect at the next general meeting of shareholders of the two companies in mid-November, Fox News and News Corp said in a statement.

Lachlan Murdoch thanked his father

In a statement, his son said: “On behalf of the FOX and News Corp boards, leadership teams and all the shareholders who benefited from his hard work, I congratulate my father on a remarkable 70-year career.”

“We thank him for his vision, his pioneering spirit, his unwavering determination and the lasting legacy he leaves behind in the companies he founded and the countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know that he will continue to provide valuable advice to both companies.”