Media Tycoon Rupert Murdoch will assume the role of Chairman and acting CEO of Fox News Channel and Fox Business Network as Roger Ailes has resigned from the company, announced 21st Century Fox Inc. on Thursday.

Roger Ailes, who has been head of fox news for over 20 years, was reportedly under sexual harassment accusations leveled by several anchors at the company.

Rupert Murdoch, the founder and Chairman 21st Century Fox, said in a statement on Thursday that "Roger Ailes has made a remarkable contribution to our company and our country." and that "To ensure continuity of all that is best about Fox News and what it stands for, I will take over as Chairman and acting CEO."

21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, Fox News Channel, Fox Business Network, National Geographic Channels, film studio Twentieth Century Fox Film and many others.

According to local media, 21st Century Fox' s cable networks took up as much as half of the company' s total revenue last year.