Rupert Murdoch, the media mogul behind Fox Corporation and News Corp, has announced his decision to step down as chairman of both companies. The 92-year-old industry giant, who has been in the news business for decades, revealed his plans in a memo to employees. In the memo, Murdoch expressed his belief that the time is right for him to take on different roles and highlighted the talented teams that will continue to drive both companies forward. His son, Lachlan Murdoch, will assume the role of sole chairman for both Fox Corporation and News Corp.
Rupert Murdoch’s career in the media industry began in the 1950s when he entered the newspaper business. He then made a significant move into Hollywood in 1985 when he purchased Twentieth Century Fox for $600 million. Following his acquisition of the production company, Murdoch ventured into the television business by purchasing multiple US television stations and launching Fox Broadcasting.
One of Murdoch’s most notable achievements was the establishment of Fox News in 1996, which quickly rose to become the top cable news channel in the United States. Over the years, the network has become known for its conservative viewpoints and has faced criticism for promoting Republican talking points and disseminating false information.
Under Rupert Murdoch’s leadership, Fox News has echoed baseless claims of election fraud made by former President Donald Trump following the 2020 election. This stance resulted in a defamation settlement of $787 million with Dominion Voting Systems and a pending lawsuit from Dominion competitor Smartmatic.
As Lachlan Murdoch takes the helm as chairman, it remains uncertain whether the direction of Fox Corporation and News Corp will change. Although he has been a part of both companies for decades, sources have revealed that Lachlan Murdoch privately disagrees with many of Trump’s actions and has expressed concerns about the impact of another potential presidential run by the former president.
This breaking news story will be updated as further details emerge.