Murdoch sites family as the reason for his resignation, with plans to return home to Australia in the near future.

“I would especially like to thank my father for all he has taught me in business and in life,” says Murdoch. “It is now time for me to apply those lessons to the next phase of my life.”

Murdoch joined the US$56bn company in 1994 and has served in various capacities, most recently as deputy chief operating officer of News Corporation and publisher of the New York Post.

He directly manages subsidiary business units that generate more than two thirds of the global media company’s revenue.

He oversees publishing company HarperCollins and News America Marketing, News Corp’s freestanding inserts business, and is chairman of News Limited, parent company of News Corp’s Australian operations. In addition, he is chairman of News Corp’s US television station group, which is among the largest in the nation.

News Corporation chairman and CEO Rupert Murdoch says although he is saddened by his son’s decision, he is happy to retain his son as a board member and an advisor to News Corporation.

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