Rupert Murdoch, the influential media mogul behind Fox Corporation and News Corporation, made headlines today as he announced his resignation as chairman of both companies. Murdoch, who has spent decades shaping the media landscape and exerting political influence, stated in a memo to employees that it was time for him to embark on new ventures while acknowledging the talented teams he leaves behind.
This announcement comes at a crucial moment for the media industry, as traditional television and film businesses undergo significant transformations and consumers flock to streaming services. Murdoch’s departure will undoubtedly have far-reaching implications, particularly with the 2024 presidential race on the horizon. As Fox News continues to face legal challenges due to its role in propagating false information about the 2020 election, his exit adds another layer of uncertainty.
Stepping into Murdoch’s shoes as sole chairman of both companies is his eldest son, Lachlan Murdoch, who currently serves as Fox Corporation’s chief executive. Rupert Murdoch has described Lachlan as a passionate and principled leader, suggesting that the right-wing editorial stance maintained by the media companies will persist. In his memo, Murdoch made it clear that he believes the media is complicit in promoting political narratives rather than pursuing truth, while expressing his commitment to remain actively engaged in the battle of ideas.
Interestingly, Lachlan Murdoch has privately expressed disapproval of Donald Trump, distinguishing himself from his father’s alignment with the former president. This divergence in views adds another layer of complexity to the future direction of Fox Corporation and News Corporation.
Rupert Murdoch’s media empire began in the 1950s with a small Australian newspaper chain. Over the years, he acquired influential British newspapers like The Sun, The Times, and The Sunday Times, amassing significant political influence in the UK. In 1973, he expanded into the United States media industry with the purchase of the San Antonio Express and the San Antonio News. In 1976, he acquired the iconic New York Post, establishing his dominance in the media and political spheres.
Murdoch’s foray into Hollywood came in 1985 when he purchased Twentieth Century Fox. Over the years, he ventured into television and satellite broadcasting, launching Fox Broadcasting and the UK’s Sky. However, a hacking scandal at the News of the World tarnished his UK empire, leading to the closure of the tabloid and the abandonment of a bid to take control of Sky.
Despite not being as successful in dominating the internet, Murdoch’s influence in print and TV remained substantial. In 2019, he sold much of his media empire, including Twentieth Century Fox, to Disney. However, he retained his News Corp. newspaper business, including the Wall Street Journal, which went beyond money and markets to cover various topics and maintained a centrist tone.
While Fox News initially positioned itself as a conservative rival to CNN, under Murdoch’s leadership, it transformed into a purveyor of right-wing propaganda, particularly during the Trump era. Murdoch-owned outlets have also been criticized for downplaying climate science and promoting climate change deniers.
The retirement of Rupert Murdoch marks the end of an era in the media industry. As the landscape continues to evolve, the impact of his departure on both media and politics remains uncertain. However, one thing is clear – Murdoch’s legacy will be remembered for his vast media empire and enduring influence on the global media landscape.
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