Rupert Murdoch Retires as Chairman of Fox Corp. and News Corp.

After a remarkable 70-year career, Rupert Murdoch, the 92-year-old media mogul, has announced his retirement as chairman of Fox Corp. and News Corp. Effective mid-November, he will step down from both positions, handing over the reins to his son, Lachlan Murdoch. While Lachlan will become the sole chairman of News Corp., he will continue serving as the Chairman and CEO of Fox Corporation.

Expressing his admiration for his father’s achievements, Lachlan Murdoch stated, “I congratulate my father on his remarkable 70-year career. We thank him for his vision, his pioneering spirit, his unwavering determination, and the lasting legacy he leaves to the companies he founded and the countless people he influenced.”

In recognition of Rupert Murdoch’s contributions, he will become the chairman emeritus of both companies. This retirement marks the end of an era for Murdoch’s media empire, which has had a profound impact on the global media landscape.

The Legacy of Rupert Murdoch

Rupert Murdoch’s media empire spans across various countries and industries. Under the umbrella of News Corp., Murdoch’s holdings include renowned publications such as The Wall Street Journal, Barron’s, Marketwatch, The New York Post, The Sun, and The Times in the UK, as well as HarperCollins Publishing. Furthermore, News Corp. owns several other companies, ranging from realtor.com to a number of radio stations.

However, the crown jewel in Murdoch’s empire is undoubtedly Fox News, which has become one of the most influential television networks in the United States and abroad, consistently topping cable news ratings. The network’s conservative programming has attracted a dedicated audience and exerted significant influence on political discourse.

Nonetheless, Fox News has faced its fair share of challenges over the years. Notably, the network recently settled a defamation lawsuit brought by Dominion Voting Systems, requiring them to pay a substantial severance package. Additionally, Fox News parted ways with its top star, Tucker Carlson, in a less amicable manner. These incidents have had a ripple effect, causing a decline in the company’s stock value.

The Future of Fox Corp. and News Corp.

With Rupert Murdoch’s departure, questions arise regarding the future trajectory of Fox Corp. and News Corp., especially as the 2024 election approaches. While some far-right viewers have shifted their loyalty to smaller networks, Fox News remains a significant player in the political landscape, set to host the first debate among Republican candidates.

Although Rupert Murdoch will no longer be as actively involved in the next election campaign, he has stated his intention to stay connected to news and ideas on a daily basis. In a farewell letter to staff, Murdoch emphasized the importance of fighting against “self-serving bureaucracies” and “elites” who seek to control the narrative and silence opposing viewpoints.

As the media landscape continues to evolve, it will be interesting to observe how Fox Corp. and News Corp. navigate the challenges and opportunities that lie ahead.

Summary:

Rupert Murdoch, the influential media mogul, has announced his retirement as chairman of Fox Corp. and News Corp. His son, Lachlan Murdoch, will assume the role of sole chairman of News Corp., while continuing as Chairman and CEO of Fox Corporation. Murdoch’s media empire, which includes Fox News, has had a profound impact on the global media landscape. While Fox News has faced challenges, it remains a significant force in the political arena. As Rupert Murdoch steps down, the future of Fox Corp. and News Corp. will be shaped by ongoing industry changes and the upcoming 2024 election.

The 92-year-old announced on Thursday that he would step down as chairman Fox Corp. and News Corp. Mid November. His son, Lachlan Murdoch, will become sole chairman News Corp. and continues as Chairman and CEO of Fox Corporation.

Rupert Murdoch becomes chairman emeritus of both companies.

“I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch in a statement. “We thank him for his vision, his pioneering spirit, his unwavering determination and the lasting legacy he leaves to the companies he founded and the countless people he influenced.”

In a farewell letter to staff, the elder Murdoch urged employees to continue fighting “self-serving bureaucracies” and “elites.”

“Our businesses are in robust shape, as am I,” wrote Rupert Murdoch. “We have every reason to be optimistic about the coming years – I certainly am and I plan to be here to be a part of it. But the fight for freedom of expression and ultimately freedom of thought has never been so intense.”

Murdoch built a media empire that changed minds around the world. News Corp’s holdings include: Dow Jones (including The Wall Street Journal, Barron’s, Marketwatch and more), The New York Post, The sun And The times in the UK and HarperCollins Publishing, among many others. News Corp. also owns several other companies, from realtor.com to a number of radio stations.

But the crown jewel in his empire is Fox News, which has become one of the most influential television networks in the United States and abroad and has topped cable news ratings for some time.

However, the outlet has had a pretty turbulent year, agreed to pay a $787.5 million severance package in the Dominion Voting System defamation lawsuit. Not long after, the network separate ways in a less friendly way with Tucker Carlson, his top star. The led to a fall in the price of the company’s shares.

While many on the far right have left Fox behind and turned to smaller networks, Fox will still be a central part of the 2024 election, hosting the first debate among most Republican candidates. With his departure, Murdoch will no longer be as involved in the next election campaign, but said he does not plan to stay out of it completely.

“Throughout my professional life, I have been exposed to news and ideas on a daily basis, and that will not change,” he wrote. “Self-serving bureaucracies seek to silence those who would question their origins and purpose. Elites have blatant contempt for those who do not belong to their select class. Most media outlets are in cahoots with these elites, spreading political narratives instead of pursuing the truth.”