Rupert Murdoch, aged 92, announced on Thursday his plans to step down from his roles as chairman of both Fox Corporation and News Corp.
The transition is scheduled to take effect in November. Following his resignation, Murdoch will assume the title of chairman emeritus for both companies.
In the wake of this change, his son, Lachlan Murdoch, will assume the exclusive chairman role at News Corp. Lachlan will also continue to serve in his current capacities as the executive chair and CEO of Fox Corporation.
The media mogul stated in a letter to colleagues, “I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News.
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“For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas.”
Lachlan Murdoch expressed gratitude to his father for his foresight, his trailblazing mindset, his unwavering resolve, and the lasting influence he has bestowed upon the companies he established and the numerous individuals he has touched.
He said, “On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career.”
Rupert Murdoch held the position of Executive Chairman at 21st Century Fox from 2015 until the merger between 21st Century Fox and The Walt Disney Company was finalized in March 2019.
Prior to that, he was the CEO of 21st Century Fox, starting when it was known as News Corporation in 1979 and continuing until 2015. Additionally, he served as Chairman of the company from 1991 to 2015.
Rupert Murdoch’s media conglomerate encompasses FOX News Channel, which began broadcasting in 1996 as part of News Corp and quickly established itself as a leader in 24/7 news reporting.
During Mr. Murdoch’s leadership, Fox Corporation transitioned into an independent, publicly traded entity, marking a significant milestone in the American media industry. Fox Corporation is responsible for content creation and distribution across several renowned brands, including FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the Tubi Media Group.
In 2014, he received the honor of being inducted into the Television Academy Hall of Fame.
Rupert Murdoch was also awarded the Companion of the Order of Australia (A.C.) in recognition of his contributions to the field of media, with a particular emphasis on his achievements in newspaper publishing.
