Rupert Murdoch, the media mogul who has had a major impact on the global media industry for seven decades, is stepping down as chairman of both Fox Corporation and News Corp. He will officially leave the positions in November.
Rupert Murdoch’s decision to step down as chairman of Fox Corporation and News Corp marks the end of an era for the media empire. His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as executive chair and CEO of Fox. In a note to staff, Rupert Murdoch praised Lachlan as a “passionate, principled leader” who can guide the companies into the future.
Is Rupert Murdoch Retiring
Rupert Murdoch is stepping down as chairman of Fox Corporation and News Corp, the company announced Thursday morning. His son Lachlan will become the sole executive in charge of the global media empire that Rupert built from a small local newspaper in Australia.
He will become Chairman Emeritus at both companies. In a memo to employees, Murdoch said that he will continue to be involved in the companies, but in a different role.
Why did he step down as chairman from Fox?
Rupert Murdoch’s decision to step down as chairman of Fox Corporation comes at a time of major change for the media industry. Fox sold its entertainment assets to Disney in 2019, and now focuses on live television news and sports. The cable industry is facing record cord-cutting, as more and more people switch to streaming services.
Rupert Murdoch is stepping down from his role as chairman of Fox Corporation and News Corp, he is not retiring. Instead, he is transitioning to a new role and passing the reins of his media empire to his son, Lachlan Murdoch.