Rupert Murdoch, the media mogul, passes the baton as News corp. and Fox News forge ahead into a new era
Media titan Rupert Murdoch is reportedly set to step down as chairman of both News Corp. and Fox after an illustrious seven-decade career that left an indelible mark on the global media landscape. Murdoch, however, will assume the honorary position of chairman emeritus.
His eldest son, Lachlan Murdoch, will supposedly ascend to the role of sole chair at News Corp. while retaining his position as Fox Corp.’s executive and CEO. Rupert Murdoch’s transition comes in time for the upcoming mid-November shareholder meetings.
According to Reuters, in a memo to the staff, Rupert Murdoch assured, “Our companies are in robust health, as am I.”
This momentous change of succession from Murdoch to his son Lachlan comes at a critical juncture for the media industry marked by challenges such as the fallout from a contentious defamation lawsuit, resulting in a substantial $800 million settlement, stemming from unverified claims aired by Fox News regarding Dominion Voting Systems and the 2020 presidential election.
Rupert Murdoch’s legacy is one of constructing an extensive media empire encompassing tabloids, cable and broadcast television, and entertainment assets. Murdoch’s long seven-decade stint as Chairman of Fox News and News Corp has his wealth stand at a staggering $8.3 billion, according to the Bloomberg Billionaires Index.
