Rupert Murdoch is retiring from the Fox and News Corporation boards, the company is set to announce Thursday morning, making his son Lachlan the sole executive in charge of the global media empire he built from a small local newspaper concern in Australia starting 70 years ago.

The elder Mr. Murdoch will become chairman emeritus of the two companies, according to a person with knowledge of the change.

This is a developing story. Check back for updates.