The 84-year old CEO and controlling shareholder of the media conglomerate will hand the title to his son James, CNBC said. James is expected to take control of day-to-day operations, while Rupert's other son, Lachlan, will be co-chairman and will oversee long-term strategy.
While the elder Murdoch will be most remembered for creating his media empire, he's had some fairly memorable - and controversial - moments on Twitter. Below are 10 of his most controversial tweets.
Oh, and be sure to watch the video at the bottom for an extra bit of fun.
Maybe most Moslems peaceful, but until they recognize and destroy their growing jihadist cancer they must be held responsible.hyphen; Rupert Murdoch (@rupertmurdoch) January 10, 2015
Big jihadist danger looming everywhere from Philippines to Africa to Europe to US. Political correctness makes for denial and hypocrisy.hyphen; Rupert Murdoch (@rupertmurdoch) January 10, 2015
Moses film attacked on Twitter for all white cast. Since when are Egyptians not white? All I know are.hyphen; Rupert Murdoch (@rupertmurdoch) November 29, 2014
Everybody-attacks last tweet. Of course Egyptians are Middle Eastern, but far from black. They treated blacks as slaves.hyphen; Rupert Murdoch (@rupertmurdoch) November 29, 2014
Piers Morgan seems unemployed after failing to attract any audience in US. Seemed out of place. Once talented, now safe to ignore.hyphen; Rupert Murdoch (@rupertmurdoch) September 10, 2014
NSA privacy invasion bad, but nothing compared to Google.hyphen; Rupert Murdoch (@rupertmurdoch) August 17, 2014
Vegans wake up! Bill Clinton looks incredibly healthy after giving up this nonsense. We all need a little red meat.hyphen; Rupert Murdoch (@rupertmurdoch) April 13, 2014
Wild winter in US, UK, etc. no respectable evidence any of this man made climate change in spite of blindly ignorant politicians.hyphen; Rupert Murdoch (@rupertmurdoch) February 18, 2014
Making rich poorer won't do much. Giving opportunity to poor to become rich is the only way forward. Great fortunes don't survive long.hyphen; Rupert Murdoch (@rupertmurdoch) July 28, 2013
Independence Day. Immigration is our history and immigration MUST be our future. Multi-ethnicities and equality under law for all.hyphen; Rupert Murdoch (@rupertmurdoch) July 4, 2013
Follow @PaytonGuion on Twitter.