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Rupert Murdoch has announced his retirement from Fox And News Corp as he steps down from his position as chairman after a stint of seven decades. The media mogul will serve as Chairman Emeritus of both companies. At the same time, his eldest son and heir to his position, Lachlan Murdoch, will take over his responsibilities as the sole chairman of News Corp.
The announcement came in on Thursday, September 21, 2023, as the 92-year-old decided to take on different roles and announced his retirement in a memo to his employees, as reported by CNN.
Rupert Murdoch entered the cable news industry in 1996, with Fox News Channel being a 24-hour cable news station and a direct competitor to CNN.
Rupert Murdoch to lead Fox and News Corp as Chairman Emeritus while Lachlan Murdoch becomes the sole chairman
A few powerful names drive the world of media and communications, and Rupert Murdoch has wielded enormous influence over the global media industry with his pathbreaking career choices. This includes starting and spearheading Fox News Channel, which paved his way into the media and entertainment industry as he acquired 20th Century Fox Film Corporation in 1985.
Murdoch later sold 20th Century Fox and all associated assets to Disney in 2019 for a whopping $71.3 billion.
In a memo dated September 21, 2023, Rupert Murdoch shared his parting thoughts.
"For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies."
He continues,
''Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me."
The news of Rupert Murdoch's retirement came in after he attempted to merge Fox and News Corp a few months ago.
Murdoch's eldest, Lachlan (52), shared in a press statement,
"On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career. 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. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
Lachlan Murdoch will continue serving as the chair and CEO of Fox, while Rupert Murdoch will continue being the owner of the Wall Street Journal and the New York Post.
