Rupert Murdoch steps down as the head of Fox Corporation and News Corp. Image credit: David Shankbone, Wikimedia Commons
Billionaire Rupert Murdoch announced that he is stepping down as the chairman of Fox Corporation and News Corp, leaving his son in line to take over.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch wrote in a letter to his employees.
“But the time is right for me to take on different roles, knowing that we have truly talented teams.”
The 92-year-old will be appointed chairman emeritus of each company.
His eldest son, Lachlan Murdoch, will become the sole chairman of News Corp and continue his role as executive chair and chief executive officer of Fox.
“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,” Lachlan Murdoch said in a statement.
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted.”
In his memo, Rupert Murdoch said his father firmly believed in freedom and that Lachlan is also committed to the cause.
Murdoch said he plans to remain an active member of the companies.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he added.
Rupert Murdoch has been both praised and condemned for his impact on international media.
Columnist Paul Kelly labelled his long-time employer “a leader of drive, audacity and deal-making skill for seven decades” who left a lasting imprint on media industries in several countries.
Whereas, author and cultural historian Linda Hirshman said Murdoch created a “hate-filled rhetoric” of right-wing populism.
“Murdoch’s biggest legacy is the damage his media did to democracy around the world — from Australia to the UK and finally the USA,” Hirshman said.
Many have questioned whether there will be any change under the leadership of Lachlan Murdoch.
The transition will take effect in mid-November, following the Annual General Meeting of Shareholders of each company.
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News Cop is not affiliated with News Corp or Murdoch media.
