Media mogul Rupert Murdoch is transitioning from his roles as Chair of Fox Corporation and Executive Chairman of News Corp, he announced on Thursday.

Murdoch, 92, informed colleagues in a letter Thursday of his decision, noting he was in good health. He will officially make the transition in November, and his son Lachlan will become the sole chairman of both companies.

[It’s been widely suspected that Lachlan has more or less taken charge over the last few years anyway. Don’t expect any sudden changes in direction, in other words. — Ed]