Rupert Murdoch, the media mogul and chairman of both Fox Corp. and News Corp., is officially stepping down from his position, the companies announced on Thursday. The transition will take place in November. As part of his departure, Murdoch, 92, will be appointed chairman emeritus of both companies. His son, Lachlan Murdoch, will assume the role of sole chairman of News Corp. and will continue as executive chair and CEO of Fox Corp.
In a note to employees, Rupert Murdoch expressed confidence in the health of the companies and his own well-being. He stated that he remains optimistic about the future and plans to participate fully in it. He also emphasized the ongoing battle for freedom of speech and thought, which he believes has become increasingly intense.
Murdoch’s decision to step down comes after a tumultuous year for Fox’s TV network, particularly following the company’s settlement of $787.5 million in a defamation lawsuit filed by Dominion Voting Systems. The lawsuit alleged that the company’s machines played a role in swaying the 2020 presidential election. Murdoch’s involvement with Fox News during this time was highlighted, as some of the network’s anchors were found to have repeated false claims about the election.
Until the settlement, Dominion had been calling for Murdoch and other top Fox talent to testify in court. Despite opposition from Fox, a Delaware judge ruled that Murdoch’s age should not be a reason to avoid testifying. Murdoch had been working from his home in Montana since July 2022, according to a securities filing.
Murdoch’s departure from the boards of Fox Corp. and News Corp. also coincides with the upcoming U.S. presidential election. News Corp. owns several newspapers, including The Wall Street Journal and the New York Post, while Fox is the parent company of Fox News and Fox Business.
Rupert Murdoch has been a prominent figure in the media industry for nearly 70 years, starting with his acquisition of News Ltd. in 1954. He subsequently expanded his newspaper empire to include publications in Britain and the U.S. In the 1980s, Murdoch entered the television business and acquired Twentieth Century Fox. In 1996, he launched Fox News, which has since become one of the top-rated cable networks.
In recent years, Murdoch had explored the possibility of reuniting Fox and News Corp. but ultimately decided against it. The proposal reflected the challenges faced by the print media and cable TV industries, as audiences increasingly turn to online news, social media, and streaming platforms for their content.
The Murdoch family wields significant power in the media industry, and their influence has been the subject of several books and even the HBO series “Succession.” Michael Wolff’s upcoming book, “The Fall: The End of Fox News and the Murdoch Dynasty,” is expected to provide further insights into the family and their impact on U.S. politics and Fox News.
In his farewell message to employees, Rupert Murdoch expressed gratitude for his colleagues and emphasized his ongoing commitment to news and ideas. He reassured them that, despite his new role as chairman emeritus, he will remain an active participant in the contest of ideas and will continue to engage with the companies’ broadcasts, newspapers, websites, and books. He urged employees to seize the opportunity to make a positive impact on the world.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
