Rupert Murdoch is stepping down as the chairman of Fox Corporation and News Corp, as revealed by CNN. His son Lachlan, the co-chairman of News Corp, will be taking over the position.
Murdoch has served as the chairman, CEO, and executive chairman of various other companies, including 21st Century Fox, Fox News, and News Corporation. He is a father of six children born from his three wives, Patricia Booker, Anna Torv, and Wendi Deng.
Rupert said in a memo that this is the right time for him to try something different. His son Lachlan also stated in the memo that his father would remain an important part of both companies.
"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."
Variety reported that the changes will be approved by the company's shareholders in mid-November, and Rupert will be in control of the family trust, that is maintaining both the companies.
Rupert Murdoch has been married four times and he is a father of six children
Rupert Murdoch has been the head of different news companies in his successful career. But he is also the father of six children born from his three marriages.
According to People magazine, his first marriage was to airline hostess Patricia Booker in 1956, and they divorced in 1967. Before their divorce, the duo had a child named Prudence MacLeod. Prudence has previously worked in a newspaper titled News of the World, which her father operated.
Rupert next tied the knot with The Daily Mirror journalist Anna Torv the same year he divorced Patricia. Rupert and Anna welcomed three children – Elisabeth Murdoch, Lachlan Murdoch, and James Murdoch.
People magazine states that Elisabeth was the managing director of BSkyB and later started a TV company called Shine. Lachlan served at the News Corp. as a deputy chief operating officer. He is also the owner of a company called Illyria.
James Murdoch has served as the deputy COO for News Corp. and CEO of 21st Century Fox. He has been operating a foundation called Quadrivium with his wife, Kathryn.
Rupert Murdoch's third marriage was to Wendi Deng from 1999 to 2013. According to People, the pair had two daughters, Grace Murdoch and Chloe Murdoch. Grace is studying at Yale University, and Chloe is currently out of the spotlight, so her current profession remains unknown.
Rupert's last marriage was to supermodel Jerry Hall. The duo were married from 2016 to 2022, and according to their attorneys, they continue to maintain a close friendship.
Rupert Murdoch has accumulated a lot of wealth from his career as a businessman
Rupert Murdoch has pursued a successful career as a businessman over the years. Business Insider states that his net worth is $8.26 billion.
The outlet revealed that Rupert purchased a ranch for $200 million near the Yellowstone National Park in 2021. He also bought two condos in 2014 for $57 million at New York's One Madison. He was reportedly planning to purchase a penthouse apartment in Hampshire House.
He has owned the Moraga Estate vineyards and winery since 2013, and the Los Angeles Times revealed that he paid $29.5 million for it. He has previously purchased a private jet called Gulfstream G650.
Murdoch started his career by acquiring many newspapers, including The Sun and The New York Post.
His tabloid, News of the World, was involved in controversy after being named in a phone-hacking scandal, and it was eventually shut down.