Rupert Murdoch, the billionaire media mogul, has finally stepped down as the chairman of Fox Corp and News Corp, marking the end of a more than seven-decade career that has seen him build a global media empire. The 92-year-old Murdoch, who has held a near-controlling stake in both companies, will assume the role of chairman emeritus, allowing his son, Lachlan, to take the reins as the sole chairman of News Corp and continue as the chair and CEO of Fox.
In a memo to staff, Murdoch expressed his confidence in the companies’ future, stating that “our opportunities far exceed our commercial challenges.” He also sounded a note of caution, warning that the battle for the freedom of speech and thought has never been more intense. The transition comes just months after Murdoch scrapped a plan to reunite his media empire by merging Fox and News Corp, a move that would have cemented his family’s control over the companies.
Rupert Murdoch (Via Rupert Murdoch/Twitter)
The decision to step down may have been influenced by the scrutiny his family has faced in recent years, including the controversial handling of the phone-hacking scandal at News Corp’s British tabloid, The News of the World. Despite this, Murdoch remains a powerful figure in the media world, with continued influence over the direction of both Fox Corp and News Corp. As chairman emeritus, he will continue to participate in the companies’ affairs, providing guidance and counsel to his son and team.
Lachlan Murdoch, who has been groomed to take over the family business, has already demonstrated his leadership skills as the chair and CEO of Fox. His ascendance to the top spot at News Corp solidifies his position as the leader of the Murdoch media empire, putting to rest questions of succession within the family. The transition is seen as a natural progression, with Lachlan having worked alongside his father for many years and having developed a deep understanding of the companies’ operations and strategies.
As Murdoch steps away from the day-to-day running of the companies, he can look back on a career that has seen him build a global media empire spanning from Australia to the United States. His legacy is secure, and his influence on the media terrain will be felt for many years to come. The Media Mogul Steps Down
