Rupert Murdoch announced that he is stepping down as the leader of Fox Corp. and News Corp.
Murdoch, 92, will officially depart his role as chairman at each company in November with his son Lachlan Murdoch continuing to lead the organizations.
— Business Standard (@bsindia) September 21, 2023
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch said. “But the time is right for me to take on different roles, knowing that we have truly talented teams.”
“Our companies are in robust health, as am I,” he continued. “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.”
BREAKING: Rupert Murdoch steps down as chairman of Fox and News Corp. https://t.co/Dgb87Za9nA
— NBC News (@NBCNews) September 21, 2023
“I congratulate my father on his remarkable 70-year career,” Lachlan Murdoch said in a statement.
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted,” he added.
Media mogul Rupert Murdoch says he is stepping down as chairman of Fox and News Corp, with son Lachlan to head both companies https://t.co/xbRoCoziqE
— BBC Breaking News (@BBCBreaking) September 21, 2023
"Lachlan Murdoch, 52, is the son of Rupert Murdoch and his second wife, Anna Maria dePeyster. The billionaire patriarch has been married four times and has six children - many of whom followed their father into the family business," BBC reported.
"Lachlan, 52, emerged as the heir apparent during his time as an executive in the late 1990s. However, he left the business in 2005 after a feud with then boss of Fox News, Roger Ailes. Lachlan returned to his father's empire in 2014 and has held top positions ever since," it continued.
The move comes during a turbulent year for Fox News. It settled a legal dispute with Dominion for over 787 million over the 2020 election.
Fox News also saw both Tucker Carlson and Dan Bongino depart, leaving the network in a scramble to reboot following the loss of top personalities.
The departure of the longtime leader will open some doors for more new changes at the company, with many waiting to see which direction his son will take Fox in the future.