21st September 2023 – (Sydney) Rupert Murdoch, the media mogul, has announced his decision to step down as chairman of the board for both Fox Corp. and News Corp., according to an official statement released on Thursday.
The transition will take effect in November, with Murdoch, aged 92, assuming the role of chairman emeritus for each company. His son, Lachlan Murdoch, will take over as the sole chairman of News Corp. while continuing his positions as Fox Corp.’s executive chair and CEO.
In a note addressed to employees, the elder Murdoch stated, “Our companies are in robust health, as am I. 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.”
Rupert Murdoch’s decision marks a significant transition in the leadership of both media entities, which have played prominent roles in shaping the global media landscape. Under his guidance, the Murdoch family has wielded substantial influence, particularly through their ownership of various media outlets.
News Corp., founded in 1980, encompasses a wide range of media properties, including newspapers such as The Wall Street Journal and The Times (UK), as well as publishing imprints like HarperCollins. Fox Corp., established in 2019 following the sale of 21st Century Fox’s entertainment assets to Disney, operates major television and cable networks, including Fox News and Fox Broadcasting Company.
While Rupert Murdoch passes on the baton to his son Lachlan, he expressed confidence in the future of the companies and his continued involvement in their affairs. The elder Murdoch’s enduring commitment to the preservation of freedom of speech and thought underscores the challenges faced by media organisations in an era marked by heightened scrutiny and evolving digital landscapes.
As corporate leadership undergoes a transition, industry observers will closely monitor the strategic direction and editorial perspectives of both Fox Corp. and News Corp. Lachlan Murdoch’s expanded role signifies the family’s ongoing influence in shaping the companies’ agendas and navigating the complex media landscape.