Media magnate Rupert Murdoch, at the age of 92, has revealed his intention to step down from his prominent positions at the helm of the Fox Corp. and News Corp. boards. In a letter addressed to the employees, Murdoch announced that his son, Lachlan, will assume the role of the “sole chairman” for both conglomerates, while Rupert himself will take on the honorary title of Chairman Emeritus, as reported by Fox News.
“I am writing to inform you all that I have chosen to transition to the role of Chairman Emeritus at Fox and News,” stated Murdoch, according to Fox News. He expressed that throughout his entire professional life, he has been deeply engaged with news and ideas, and this dedication will persist. However, he believes the time is ripe for him to embrace different roles, with full confidence in the exceptional capabilities of the teams in place. Murdoch praised Lachlan as a passionate and principled leader who will take the reins as the sole Chairman of both corporations.
Murdoch also emphasized the value of humility and expressed his genuine pride in the collective accomplishments achieved over the decades. He acknowledged the often unseen but deeply appreciated contributions of his colleagues to their shared success.
Lachlan Murdoch, in a statement carried by Fox News, extended congratulations to his father on his extraordinary 70-year career. He expressed gratitude on behalf of the FOX and News Corp. boards of directors, leadership teams, and shareholders who have benefited from Rupert’s unwavering dedication. Lachlan commended his father for his visionary leadership, pioneering spirit, resolute determination, and the enduring legacy he leaves behind. He also confirmed that Rupert will continue to provide invaluable counsel to both organizations in his role as Chairman Emeritus.
Rupert Murdoch’s decision to transition from these key positions marks a significant moment in the media industry. It represents a generational shift in leadership as the baton is passed to the next era.
Legal Challenges and Dominion Voting Systems Lawsuit
It’s worth noting that Rupert Murdoch and his media empire have faced legal challenges in recent times. In September, Fox Corp. was sued over allegations of broadcasting false information about the 2020 election. New York City’s pension funds and the state of Oregon filed a lawsuit against Fox Corp., alleging that it harmed shareholders by exposing itself to defamation lawsuits. Notably, Fox News had agreed to settle a defamation lawsuit with Dominion Voting Systems for nearly $800 million. This lawsuit was among the first defamation claims filed after former President Donald Trump and his allies propagated false claims about the 2020 election being stolen.