Rupert Murdoch, the longtime head of News Corp. and Fox, will be stepping down as chairman of the company, according to an announcement made by Fox on Thursday. He will assume the role of emeritus chairman while his son, Lachlan Murdoch, will take over as the sole chair of News Corp. and continue as the executive and CEO of Fox Corp.
At 92 years old, Rupert Murdoch’s decision to step back comes at a critical time for both News Corp. and Fox, as they face a series of challenges. One of these challenges includes a high-profile defamation lawsuit, which resulted in a nearly $800 million settlement, after Fox News aired unfounded claims about Dominion voting systems being used to manipulate the 2020 presidential election.
Rupert Murdoch has been a key figure in the media industry for over half a century, establishing a conglomerate of tabloids, cable and broadcast TV, and entertainment assets. Many of these platforms have been known for promoting conservative ideas. His visionary leadership, pioneering spirit, and determination have shaped these companies and impacted countless individuals.
Lachlan Murdoch expressed his appreciation for his father’s invaluable guidance and shared that Rupert Murdoch will continue to provide valued counsel to both companies. He commended his father for his vision, steadfast determination, and the enduring legacy he leaves behind.
The transition in leadership marks a significant change for News Corp. and Fox, and it will be interesting to see how Lachlan Murdoch leads the companies in the face of ongoing challenges. This major shift in roles brings both a sense of continuity and an opportunity for new strategies and perspectives, ensuring that the Murdoch legacy will continue to shape the media landscape.
