Roger Ailes resigned as CEO and Chairman of Fox News Channel. The 20-year veteran of the network also left his roles as Chairman and CEO of Fox Business Network, and Chairman of Fox Television Stations.

Rupert Murdoch, who stepped down as CEO of 21st Century Fox last year, will assume the roles of Ailes. Murdoch and Ailes built the Fox News network from the bottom up.

They saw that conservative viewers were not given a voice in mass media at the time, so they decided to be different and set that trend. Today, Fox News is the most-watched channel on basic cable television reaching 2.2 prime-time viewers.

"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, with the support of our existing management team under Bill Shine, Jay Wallace and Mark Kranz," Murdoch said in a statement.

"I am personally committed to ensuring that Fox News remains a distinctive, powerful voice. Our nation needs a robust Fox News to resonate from every corner of the country," he added.

Murdoch's sons, James and Lachlan will continue their roles as CEO of 21st Century Fox.

"We join our father in recognizing Roger's remarkable contributions to our company," the Murdoch brothers said in a statement. "...We take seriously our responsibility to uphold these traditional, long-standing values of our company."

Politico writes that the network's employee said Ailes' announcement about his departure, "felt like a funeral."

Meanwhile, the Rupert will have to figure out how to appeal to a younger audience while keeping up with the network's main stars like Megyn Kelly and its traditional values.

"You have a few months right now where you are pretty much assured that you won't have an audience issue, so it is a good time to lock up talent and make sure the course is corrected," Pivotal Research Group Analyst Brian Wieser, tells NBC News.

In recent events, Ailes is being sued under claims that he sexually harassed former Fox News anchor Gretchen Carlson. The network hired a law firm to investigate the allegations while Ailes denied all of the charges.

It is unclear if the scandal is actually the reason for Ailes' departure, despite what other outlets might report.

"Advertisers would have to see a drop in viewers before they would do anything," President of the Media Kitchen Barry Lowenthal tells NBC News.

With the current Republican National Convention and the 2016 presidential race, it is unlikely for ratings to drop from its usual numbers.