In a groundbreaking move, conservative media titan Rupert Murdoch announced he’s stepping back from his leadership roles at Fox and News Corp. The Wall Street Journal reported his departure, which is slated for mid-November. Upon exiting, Murdoch will take on the title of chairman emeritus for both corporations.
In a heartfelt memo shared with his staff, Murdoch reflected, “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.” He emphasized the solid health and performance of the companies as well as his personal well-being.
Lachlan Murdoch, Rupert’s eldest son, is set to take over the reins. Lachlan is poised to become the sole chair of News Corp, a media giant with ownership of global newspapers, magazines, and television assets, notably The Wall Street Journal and the New York Post. Furthermore, Lachlan will retain his executive roles at Fox.
Lachlan conveyed admiration for his father’s decision, praising Rupert’s visionary leadership, determination, and lasting impact on the media world.
Rupert Murdoch’s influence on the media sector has been profound. Over seven decades, he masterminded acquisitions that shaped one of the world’s most extensive media conglomerates. Yet, his decision to step down emerged during a transformative period in the media sphere, a domain he significantly influenced.
Rupert Murdoch’s decision to step back is not just the end of an era for the media empire he built, but it signals an imminent change in the media industry’s dynamics. With Lachlan at the helm, it remains to be seen how the Murdoch legacy will evolve and adapt to the ever-changing media landscape.
