According to multiple media sources, Rupert Murdoch yesterday announced his retirement from chairing the boards at Fox (FOX) (FOXA) and News Corp. (NWS) (NWSA), a move that will cement control with son Lachlan.

On the news Fox Corporation, the parent company of Fox News and the Fox broadcasting network, surged nearly 3.5% on the day yesterday, on September 21, to exceed $32 per share, marking the company’s biggest single-day jump by percentage on Wall Street in 6 weeks. Wall Street Journal and New York Post parent News Corp’s stock, meanwhile, jumped nearly 2.5% to more than $20 per share, the company’s biggest single-day increase in just over a month.

Rupert Murdoch's tenure in recent years has been marked by a ratings surge for Fox News as a right-wing cable news outlet in direct competition with CNN, as well as major News Corp.’s structural changes. In 2019, Murdoch sold some of Fox's television and film assets to Disney (DIS) for $71 billion, giving Murdoch a large stake in the latter. Murdoch's tenure at Fox has been marred by multiple controversies, including a phone-hacking scandal that led to the closure of a British tabloid and the company's $787.5 million settlement in April. Murdoch was also facing a high-profile scandal with former President Donald Trump, a former Fox ally, over what he said was unfair coverage.