Rupert Murdoch, chairman of News Crop and Fox Crop, a very prominent personality in media sectors. He decided to stop working and to resign from his designation. Rupert Murdoch developed many media agencies and Fox News, now after performing all these duties, he decided to step down and take his business to his son.
Murdoch, who is 92 years old, declared that he will retire in November and become the emeritus chairman of the two companies. While keeping his position as executive chair and CEO of Fox Corp., his son Lachlan will take over as News Corp.’s sole chairman.
Rupert Murdoch said, “It is correct to leave and to resign my duties and take over my business to my son, he also said it was the best time in my life and I performed all my duties with loyalty and honesty. He also praised Lachlan’s leadership and showed confidence that he is the best leader and he take away the team as a leader also he will take over as the sole chairman of both businesses.
In a statement released by Fox, Lachlan Murdoch thanked the boards of directors, leadership teams, and shareholders on behalf of his father for his incredible 70-year career. He praised his father’s creative thinking, innovative energy, uncompromising determination, and lasting impact he had on the businesses he built and many others.
Lachlan also expressed appreciation for his father’s ongoing assistance as chairman emeritus, who offers helpful advice to both businesses.
Rupert Murdoch’s career spans decades and goes much beyond Fox, even though he is most famous for founding the Fox network and the conservative Fox News in 1996. It started in the 1950s in his native Australia, when he initially began with a minimal newspaper network.
Rupert Murdoch’s Journey:
Rupert Murdoch started buying more newspapers in Australia in the 1960s, and he finally controlled two-thirds of the nation’s daily readership. Then, he extended his influence outside Australia, focusing on the UK and the US. He seized control of well-known newspapers like The News of the World, The Sun, and the Times of London in the UK. He bought several newspapers in the US, including the Wall Street Journal, the Village Voice, and the New York Post.
Murdoch will be named Chairman Emeritus of each firm as part of the handover. As expected, his son Lachlan Murdoch will take over as the only chairman of News Corp. and manage the worldwide media company. Additionally, he will continue in his title as CEO and Executive Chair of Fox Corporation.
However, television would be the medium where Murdoch would have the biggest impact. He developed the infant Fox Network in the 1990s. Many questioned its capacity to compete with the US’s “big three” networks—ABC, CBS, and NBC. By obtaining permission to broadcast the National Football League, Fox, however, entered the mainstream. Additionally, successful programs like “The Simpsons” and “American Idol” helped Fox establish itself as a significant network, competing with the major three.
The departure of Murdoch comes at an uncertain moment for Fox News. The network was forced to pay an incredible $787.5 million to resolve charges of defamation in April. This occurred because of the hosts of the show spreading inaccurate information about Dominion Voting Systems to support Joe Biden and fight against Donald Trump in the 2020 US presidential election. Similar accusations have been made against Fox News in a $2.7 billion (about $8 per person in the US) lawsuit by the manufacturer of voting machines Smartmatic.
In addition, Fox has been dealing with declining ratings since Tucker Carlson, its top host, was demoted. A $12 million settlement was also struck with the network on claims of a hostile workplace involving a former producer of Carlson’s show.
It is important to note that despite some of his siblings, Lachlan shares Murdoch’s conservative political views as he passes the torch to him. The elder Murdoch, however, made sure to leave an impression by reinforcing the same anti-liberal and anti-liberal sentiments that served as the cornerstone of his media businesses.