Media tycoon, Rupert Murdoch, aged 92, is stepping down as the chairman of the board for both Fox Corp. and News Corp. Officially he will depart in November, and he will become the chairman emeritus of both companies.
Rupert Murdoch’s son, Lachlan Murdoch, will take over as the sole chairman of News Corp. while retaining his position as Fox Corp.’s executive chair and CEO.
This decision comes after a tumultuous year for Fox’s TV network, which faced a significant settlement in a defamation lawsuit related to false claims about the 2020 election. Murdoch’s continued involvement behind the scenes at Fox News was noted during this period.
Rupert Murdoch’s departure also comes a year ahead of the upcoming U.S. presidential election, and his media empire includes major outlets such as The Wall Street Journal, New York Post, Fox News, and Fox Business.
Murdoch’s career began in 1954, and he built a media empire that included newspapers and television networks. He became a U.S. citizen in 1985 to meet the requirements for owning TV stations in the country and launched Fox News in 1996.
There was a recent exploration of reuniting Fox and News Corp., but this proposal was withdrawn earlier this year. The Murdoch family trust holds a significant voting stake in both companies, and they have amassed a substantial fortune.
Fox Corp. focuses on news and sports, as well as the free, ad-supported streaming service Tubi. The company’s market cap is over $15.5 billion, while News Corp.’s is over $11 billion.
Rupert Murdoch emphasizes his continued involvement in the “contest of ideas” and promises to remain an active member of the companies’ communities in his new role as chairman emeritus. He highlights the importance of freedom of speech and thought in his message to employees.
*Taking the lead from CNBC