In a significant announcement, Fox Corporation has revealed that Rupert Murdoch, the renowned media mogul, will be stepping down as chairman of both Fox Corporation and News Corp. His son, Lachlan Murdoch, will succeed him as the chairman of News Corp. Additionally, Lachlan Murdoch will continue in his roles as the executive chair and chief executive officer of Fox Corporation.
Lachlan Murdoch expressed his sentiments about his father’s remarkable career, stating, “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.” He went on to acknowledge Rupert Murdoch’s vision, pioneering spirit, determination, and the enduring legacy he leaves behind for the companies he founded and the countless lives he has influenced.
Rupert Murdoch, originally from Australia, has been a prominent figure in the media industry for nearly seven decades. His influence extends to a global scale, with ownership of various media properties, including The Wall Street Journal, the New York Post, and HarperCollins Publishers.
The official transition of leadership is set to take place in November, at which point Rupert Murdoch will be appointed as chairman emeritus.
Fox Corporation, the parent company of Fox News, has recently faced a series of public controversies. In April, Fox News agreed to pay $787.5 million to settle a lawsuit brought by Dominion Voting Systems, which alleged defamation related to the broadcaster’s coverage of the 2020 election. Shortly thereafter, Fox News parted ways with host Tucker Carlson, who was the nation’s most-watched prime-time cable news host at the time.
During a deposition for the trial in January, Rupert Murdoch disavowed the baseless theories about the 2020 election being stolen that had been shared by some of the network’s hosts, stating, “I would have liked us to be stronger in denouncing it in hindsight.”
Rupert Murdoch’s journey in the media industry began when he inherited a local newspaper in Adelaide, Australia, from his father in 1952. Over the years, he established the country’s first national newspaper and expanded his media empire to the United Kingdom, acquiring News of the World and The Sun in the late 1960s. Subsequently, he ventured into the U.S. media landscape with acquisitions of the New York Post, New York Magazine, and The Village Voice.
In 1985, Murdoch made a significant investment in film and television by purchasing 21st Century Fox and a host of regional TV stations in the United States. A decade later, the Fox Television Group was established, and Fox News was launched.
Fox Corporation became a publicly traded company in 2019, following the sale of 21st Century Fox to Disney, the parent company of ABC News, in the same year.