Rupert Murdoch, at the age of 92, is set to step down as chairman of the board for both Fox Corp. and News Corp., according to statements released by the companies on Thursday. This transition will officially take place in November. As part of this change, Murdoch will assume the role of chairman emeritus for each company. Lachlan Murdoch, one of Murdoch’s sons, will become the sole chairman of News Corp. and continue to serve as the executive chair and CEO of Fox Corp.
In a note addressed to the employees of the companies, Murdoch expressed his confidence in both organizations, stating, “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.”
Murdoch’s decision to step down from these positions comes following a challenging year for Fox’s TV network. The network recently agreed to pay a $787.5 million settlement in the Dominion Voting Systems’ defamation lawsuit, which arose from false claims made about the company’s machines influencing the outcome of the 2020 election between President Joe Biden and Donald Trump. Additionally, Fox News experienced the departure of prominent figure Tucker Carlson and a subsequent decline in ratings.
This change coincides with the upcoming presidential election in the United States, with News Corp. owning notable publications such as The Wall Street Journal and Fox serving as the parent company to right-leaning TV networks Fox News and Fox Business.
In addressing his employees, Murdoch emphasized his continued involvement in news and ideas, remarking, “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.” He expressed his desire to take on different roles and praised the talented teams and leadership of Lachlan Murdoch.
Murdoch concluded his note by highlighting the importance of freedom of speech and thought, noting the challenges faced today. He affirmed his commitment to being an active member of the companies’ communities and vowed to stay involved in the contest of ideas.
As of now, this is breaking news, and further updates will be provided.
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