According to a recent announcement, 92-year-old Rupert Murdoch will now serve as News Corp.'s Chairman Emeritus in what is a passing of the torch to a new Murdoch. 

On Friday, during the FOX Corporation shareholders meeting, he will also assume the same role there, as Fox News reported.

His son Lachlan, who is 52 years old, will take over as sole chairman of both companies. It represents the culmination of a succession plan disclosed earlier this year; the older Murdoch stated he remained in good health when the news emerged.

"Lachlan is a principled leader, and a believer in the social purpose of journalism. I hope to continue an active role in the company," Rupert Murdoch said during the company’s annual shareholders meeting.

More of Murdoch's Comments

According to Rupert Murdoch, Lachlan has the same drive as his grandfather, the Australian media titan Sir Keith Murdoch, who laid the groundwork for the family's global legacy.

"Like my father, I believe that humanity has a high destiny, and Lachlan certainly shares that belief," Murdoch said. "That sense of destiny is not just a blessing but a responsibility."

"My life has certainly been fortunate," he added. "We are blessed to live in a country where dreams are not yet subject to regulation. There are so many inspiring stories around us of those who have created much social good from humble beginnings."

Murdoch also discussed the current situation of journalism and the state of the discussion at the conference. He spoke out against antisemitism in the midst of the Israel-Hamas conflict and paid tribute to Wall Street Journal writer Evan Gershkovich, who has been held by Russia since March on espionage charges that have now been proven to be baseless.

The New York Post reports that he also discussed "the opportunities and the challenges" posed by AI and how to harness the technology to create unique content.

"Our digital development has enabled us to expand the delivery of news, analysis, books, and real estate intelligence," Murdoch said. "In an era of generative AI, those businesses will surely grow."

"Murdoch likewise signaled News Corp is determined to make sure that AI tools compensate news organizations for their content," the New York Post reported.

Murdoch's History in News

Rupert Murdoch's massive media conglomerate includes Fox News Channel, which was brought to life on the airwaves in 1996 and has grown to be the most-watched news channel in the United States.

The network recently celebrated 25 years in business and has consistently topped the leaderboards of viewership with its 24-hour news coverage, becoming one of the most influential sources in the world

In 1954, when Rupert Murdoch was in his mid-20s, he took over his father's management of News Limited, a public firm established in Australia.

From there, his company expanded overseas, first acquiring the U.K.'s News of the World and The Sun in 1969 and later the New York Post, the Los Angeles Times, and the Village Voice in the United States.

In 1980, News Corporation was formed to streamline the company's international newspaper, magazine, and television activities. By 1985, Murdoch had acquired Twentieth Century Fox and local TV stations in several large American markets.