Media Mogul Rupert Murdoch stepped down as the chairman of Fox Corp and News Corp on Thursday, ending a more than seven-decade career. His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, reported Reuters. The transition puts and end to questions of succession within the Murdoch family. The 92-year-old Australian media magnate, will now be appointed chairman emeritus of both the companies.
"We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies," said Lachlan Murdoch in a statement after Murdoch stepped down.
Murdoch in a letter to employees said he will continue to remain an active member of the community.
"In my new role, I can guarantee you that I will be involved every day in the contest of ideas. Our companies are communities, and I will be an active member of our community. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest," wrote Murdoch, as reported by Associated Press.
Who Is Rupert Murdoch
Murdoch is an Australian-born American business magnate, who started the Fox News channel in 1996. He also started the Fox broadcast network, that emerged as the main competitor that could successfully challenge the Big Three of ABC, CBS and NBC. The Wall Street Journal and the New York Post also belongs to Murdoch.
In 2019, the media moughal trimmed down his corporate holdings by many entertainment assets to the Walt Disney Co. These included film production, rights to the Marvel comics, National Geographic and the cable network FX, reported AP.
Murdoch built his empire from a single newspaper in Adelaide. Murdoch family’s net worth in 2020 was estimated at roughly $19 billion by Forbes.