Sept. 21 (UPI) — Rupert Murdoch is set to relinquish his role as board chair of Fox and News Corp., with his eldest son, Lachlan Murdoch, taking over the position, as announced by the companies on Thursday.
Rupert Murdoch, 92, will step down from both roles effective mid-November, at which point Lachlan Murdoch will assume the sole chairmanship of both companies.
“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,” expressed Lachlan Murdoch.
“We extend our gratitude to him for his vision, pioneering spirit, unwavering determination, and the enduring legacy he leaves behind. We appreciate his acceptance of the position of chairman emeritus, and we are confident that he will continue to provide invaluable counsel to both companies.”
In a message to employees, Rupert Murdoch expressed his immense pride in what his companies have achieved.
“Throughout my entire career, I have been immersed daily in news and ideas, and that will remain unchanged. However, the time has come for me to assume different roles, with the knowledge that we have truly talented teams and a passionate, principled leader in Lachlan,” he stated.
Rupert Murdoch’s departure follows the settlement of a defamation lawsuit between Fox News and Dominion Voting Systems, which involved false claims made during the 2020 presidential election. The settlement amounted to $787.5 million.
Fox News and Fox Business have also sponsored the first two Republican primary presidential debates leading up to the 2024 election.
Rupert Murdoch established a global media empire over his 70-year involvement in newspapers and broadcasting. Fox Corp. owns Fox News and Fox Business, while New Corp. owns prominent U.S. news publications like the Wall Street Journal and the New York Post.
Murdoch inherited his father’s stake in The News, based in Adelaide, Australia, in 1952 and went on to build The Southern Television Corp. and Channel 9 in the 1950s. In the 1960s, he acquired News of the World and The Sun in Britain. In 1988, he launched Sky Television, followed by Sky News a year later, becoming Britain’s first 24-hour news channel.
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