Rupert Murdoch made an announcement, on Thursday, stating his intention to resign from his positions as chairman of both Fox Corporation and News Corp.
The transition is set to become official in November, with Murdoch, aged 92, assuming the role of chairman emeritus for both companies.
Meanwhile, his son, Lachlan Murdoch, will take on the position of exclusive chairman at News Corp and will maintain his roles as Fox Corp.’s executive chair and CEO.
The media mogul stated in a letter to colleagues, “I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas.”
Lachlan Murdoch expressed gratitude to his father for his foresight, his trailblazing mindset, his unwavering resolve, and the lasting influence he has bestowed upon the companies he established and the numerous individuals he has touched.
He 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.”
Rupert Murdoch held the position of Executive Chairman at 21st Century Fox from 2015 until the merger between 21st Century Fox and The Walt Disney Company was finalized in March 2019.
Prior to that, he was the CEO of 21st Century Fox, starting when it was known as News Corporation in 1979 and continuing until 2015. Additionally, he served as Chairman of the company from 1991 to 2015.
Murdoch’s media conglomerate encompasses FOX News Channel, which commenced broadcasting in 1996 as part of News Corp and swiftly emerged as a frontrunner in 24/7 news reporting.
Under the leadership of Mr. Murdoch, Fox Corporation emerged as an independent, publicly traded entity, marking a significant shift in the American media industry. Fox Corporation is responsible for content creation and distribution across various renowned brands, including FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the Tubi Media Group.
He was honored, in 2014, with induction into the Television Academy Hall of Fame.
Murdoch has received the Companion of the Order of Australia (A.C.) in recognition of his contributions to the field of media, with a particular emphasis on his achievements in newspaper publishing.