According to a BBC report, 92-year-old media mogul Rupert Murdoch announced on Thursday that he is resigning from his position as chairman of Fox and News Corp. His son, Lachlan Murdoch, will become the sole chairman of News Corp, while Rupert will remain as chairman and CEO of Fox. As per a report by The New York Times, the elder Murdoch will now lead both companies as an emeritus chairman.
Rupert Murdoch resigns as chairman of News Corporation and Fox.
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“Throughout my entire professional journey, I’ve consistently immersed myself in news and ideas every single day, and I have no plans to change this steadfast commitment. But it is the right time for me to assume different roles, knowing that we have truly talented teams, and Lachlan is a passionate, principled leader who will become the sole chairman of both companies,” wrote Mr. Murdoch in a memo to employees, as reported by CNN.
”Neither an abundance of conceit nor pretentious humility are qualities deserving of admiration. But over the decades, I take great pride in what we have achieved collectively, and I am very grateful to my colleagues, whose contributions to our success are often overlooked from the outside but deeply appreciated from within,” he added.
Lachlan Murdoch expressed in a formal statement, “I extend my heartfelt congratulations to my father for his extraordinary 70-year journey in the realm of media, on behalf of the boards of Fox and News Corp, our dedicated leadership teams, and the diligent individuals throughout our organizations.” It is an extraordinary achievement for him to be so widely recognised and respected for his impact on our industry.”
According to Forbes, Rupert Murdoch is estimated to have a wealth of around $17 billion. His media empire includes Fox News, The Wall Street Journal, The New York Post, and various other media properties worldwide.
The media tycoon has six children stemming from his initial three marriages. Preceding his marriage to Jerry Hall, which lasted for six years, he was previously wed to Wendi Deng from 1999 until 2013, followed by Anna Maria Torv from 1967 to 1999, and Patricia Booker from 1956 to 1967.
2. Rupert Murdoch Steps Down as Chairman of News Corporation and Fox
Media mogul Rupert Murdoch, after more than seven decades of revolutionizing the news and entertainment industry, is resigning from Fox and News Corp and will now serve as the emeritus chairman, as reported by The Wall Street Journal. His eldest son, Lachlan Murdoch, who has previously worked as co-chairman at News Corp, will take on the role of chairman for both companies.
“I’ve been intimately connected to news and new ideas every single day during my whole career, and I don’t see that changing. But for me, it’s the right time to assume different roles,” Mr. Murdoch stated in a memo addressed to his employees, as cited by WSJ.
The report highlights that he referred to Lachlan as a “passionate, principled leader” who can steer the companies into the future.
Reuters noted that Lachlan Murdoch’s appointment was acknowledged with gratitude, and it’s expected that he will continue to provide valuable guidance to both companies. In a letter obtained by Reuters, Rupert Murdoch assured Fox employees that “my health is strong, as it has been for some time.”
3.More about Rupert Murdoch news
As quoted by WJS, he stated, ‘Our businesses are robust, just as they have been for quite a while now.’ He added, “We have every reason to be optimistic about the years ahead – I certainly am, and I intend to be here.”
Rupert Murdoch Steps Down as Chairman of News Corporation and Fox
Rupert Murdoch is stepping down at a time when both Fox and News Corp are facing significant challenges. On one hand, Fox is grappling with the impact of cord-cutting and the rise of streaming, while on the other hand, News Corp, with properties like The Wall Street Journal, The Times of London, and other publications, is striving to find the right formula for success in the digital age.
According to WSJ, Rupert Murdoch acquired a small newspaper business in inheritance at the age of 22 after his father, a former war correspondent, passed away. Before expanding to the United Kingdom in 1969, he had already built his commercial empire in Australia and New Zealand through acquisitions or the creation of respected brands in publishing, television, and film by 1974.
WSJ also mentioned that he launched the Fox Network behind franchises such as “The Simpsons” and NFL football; chaired Hollywood studios after the acquisitions of “Avatar” and “Titanic”; and created U.K. pay-TV giant Sky.
In 1996, during a speech at the National Press Club in Washington, he stated, “I had no option but to be an inspiring disruptor for change.” “The result is that, occasionally, you get treated like a gangster at a tea party. But this is the fate of anyone who challenges the establishment,” the report quoted him as saying.
Rupert Murdoch is exiting at a time when both Fox and News Corp, with substantial voting stakes held by him and his family, have been experiencing significant changes. Nearly 40% of the voting stake in News Corp and approximately 44% in Fox Corp is owned by him and his family, according to filings of public companies.
