Who is Rupert Murdoch? All about the American business magnate as he steps down from News Corp

On September 21, 2023, Rupert Murdoch, a 92-year-old Australian-born American media proprietor, investor, and business magnate, stepped down from the position of chairman of News Corp and Fox Corp., ending his over seven-decade-long impressive career.

Murdoch created a massive empire of media over his career, spanning from Australia to the US. As per The Economic Times, Murdoch will also step down from his position as chairman of every board, effective as of the forthcoming Annual General Meeting of Shareholders of every company in the middle of November.

Ever since the news of Rupert Murdoch stepping down from Fox Corp. and News Corp was released, people have been quite curious to learn all about the business and media mogul. So, without further ado, let's dive right in to find out all about Murdoch.

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Rupert Murdoch's son to take over the charge as chairman of News Corp

Born on March 11, 1931, in Melbourne, Victoria, Australia, Keith Rupert Murdoch is a world-famous media entrepreneur and newspaper publisher who founded the worldwide media holding organization News Corporation Ltd., often referred to as News Corp.

The company's prime focus was on publishing after an identification in which its television and media holdings were outgrown by 21st Century Fox in 2013 and hugely sold in 2019. That overall sale led to the establishment of Fox Corporation, which also entailed Fox News and several other significant TV channels.

With the power of his media organization, News Corp, Murdoch has become the owner of an array of national, local, and international publishing outlets all across the globe. He owns The Times and The Sun, two publishing media outlets in the United Kingdom. He is the owner of The Australian, The Daily Telegraph, and "The Herald Sun" in Australia.

In the United States, Rupert Murdoch owns the New York Post and The Wall Street Journal, along with television broadcasting channels, including Fox News and Sky News Australia, and the book publisher HarperCollins. The media mogul also used to own Sky until 2018, the now-defunct News of the World, and 21st Century Fox until 2019.

As of March 2, 2022, Murdoch's total net worth was US$21.7 billion. He is the 71st richest person in the world and the 31st richest person in the United States, as reported by Forbes magazine.

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The son of the tycoon, Lachlan Murdoch, will now become the sole chairman of the media company News Corp and also continue as the CEO and chairperson of Fox, as reported by the respective companies on September 21, 2023.

In a press release on the same day, the company declared that Rupert Murdoch would now become the Chairman Emeritus of every company. In a memo to staff, he wrote:

"Our companies are in robust health, as am I."

In a recently released statement to the press, Lachlan Murdoch said, while addressing his father's remarkable career:

"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,"

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As per The Economic Times, the shares of Fox have risen nearly two percent after the news of Murdoch stepping down came out.