Rupert Murdoch Steps Down as Chairman of Fox Corp and News Corp.

In a significant development, Rupert Murdoch, a media mogul known for his extensive career spanning over seven decades, is relinquishing his role as chairman of Fox Corp and News Corp. His son, Lachlan Murdoch, will take over as the sole chairman of News Corp while retaining his positions as chairman and CEO of Fox. This transition marks the end of an era for Rupert Murdoch, who built a global media empire stretching from Australia to the United States.

Lachlan Murdoch expressed his admiration for his father’s remarkable 70-year career on behalf of the FOX and News Corp boards of directors, leadership teams, and shareholders. Rupert Murdoch, who holds substantial stakes in both companies, will assume the honorary title of chairman emeritus upon his resignation, which will be effective after a November shareholders’ general meeting.

This announcement follows closely on the heels of Rupert Murdoch’s decision, earlier this year, to abandon a plan that would have merged Fox and News Corp, reuniting his media empire. Additionally, Fox recently reached a $787.5 million settlement with Dominion Voting Systems in April, resolving allegations of promoting false claims about the company’s involvement in the 2020 US presidential election. Fox maintains its innocence in the matter.

Over the years, Rupert Murdoch’s right-wing media empire, particularly Fox News, has faced criticism from human rights advocates who argue that it has contributed to political polarization. In addition to Fox News, Murdoch played a pivotal role in launching the Fox broadcast network, successfully challenging the dominance of the Big Three networks in the US (ABC, CBS, and NBC). He also owns influential media outlets like The Wall Street Journal and the New York Post.

Rupert Murdoch remains a significant figure in conservative circles, with Fox News Channel exerting a profound influence on US politics and television since its inception in 1996. In a letter to employees, Murdoch pledged to stay actively engaged at Fox, emphasizing his commitment to the exchange of ideas and his continued role within the company.

Notably, British commentator and TV host Piers Morgan paid tribute to Rupert Murdoch on social media, commending him as a bold, brilliant, and visionary leader. Morgan expressed gratitude for the privilege of working with Murdoch over the past three decades, describing it as an ongoing masterclass in journalism and business.