The creator who created a media empire spanning from Australia to the United States, Rupert Murdoch is stepping down as the chairman of Fox Corp and News Corp, concluding a more than seven-decade career.
The companies said in a statement on Thursday that Lachlan, a son of Murdoch, will become the sole chairman of News Corp and continue as the CEO and chairman of Fox.
Lachlan Murdoch said, “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.”
Murdoch will be designated chairman emeritus when his resignation comes into force at a November general meeting of shareholders.
Murdoch’s announcement came months after he discarded a plan that would have merged his media empire, Fox and News Corp.
It also comes after Fox reached a $787.5m settlement with Dominion Voting Systems in April over allegations that the firm purposely drove wrong claims about the Colorado-based company and its role in the 2020 US presidential election.
However, Fox has denied any misconduct in the case.
Over the years, Murdoch has drawn criticism from some human rights advocates in the United States and other nations who state the right-wing media empire he created has fueled political polarization.
Excluding Fox News, Murdoch began the Fox broadcast network, the first to successfully challenge the Big Three networks in the US – ABC, CBS, and NBC. He is also the owner of The Wall Street Journal and the New York Post.
Murdoch is an energy in the traditional world, where Fox News Channel has profoundly impacted television and US politics since its beginning in 1996.
Murdoch pledged in a letter to employees that he would stay engaged at Fox. “In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he wrote.
Piers Morgan, British commentator and TV host, poured praise on Murdoch in a social media account X, formerly known as Twitter, post on Thursday, calling him “a bold, brilliant, visionary leader”.
