Rupert Murdoch announced on Thursday that he is stepping down as chairman of the board for both Fox Corp. and News Corp., with the transition set to become official in November.
At the age of 92, Murdoch will take on the role of chairman emeritus for each company. His son, Lachlan Murdoch, will assume the position of sole chairman of News Corp. and will continue as executive chairman and CEO of Fox Corp.
In a note to employees, Rupert Murdoch expressed that both the companies and himself are in good health. He stated, “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 follows a challenging year for Fox’s TV network, particularly after the company agreed to a $787.5 million settlement in the Dominion Voting Systems defamation lawsuit.
The lawsuit involved claims that Fox’s machines influenced the 2020 election between President Joe Biden and Donald Trump.
In his deposition for the lawsuit, Murdoch acknowledged that some Fox News anchors promoted false claims after the election. Before the settlement, Dominion had sought to have Murdoch, his son, and other top Fox executives testify in court.
Fox opposed this, citing Murdoch’s age, but a Delaware judge dismissed the argument, noting Murdoch’s ongoing involvement and travel plans.
Since July 2022, Murdoch has been working from his home in Montana, as indicated by a securities filing. Fox News also experienced a notable departure of top talent, such as Tucker Carlson, and a subsequent drop in ratings before his replacement.
Murdoch’s departure occurs a year before the next U.S. presidential election.
News Corp. owns publications like The Wall Street Journal and the New York Post, while Fox is the parent company of conservative TV networks Fox News and Fox Business.
Murdoch, who began his media career nearly 70 years ago, first took control of News Ltd. in 1954, which owned a major newspaper in Adelaide, Australia. His father was a war correspondent and newspaper owner.
Murdoch built his media empire, which includes tabloid newspapers in Britain and the U.S. In the 1980s, he entered television by acquiring Marvin Davis’ 50% stake in Twentieth Century Fox in 1985, becoming a U.S. citizen that year to meet ownership requirements for TV stations.
The Fox News Channel was launched in 1996 and has since become a leading cable network.
In his note to employees, Murdoch reflected on his long career and expressed that while he would continue to be involved in the media, it was time to transition to different roles. He praised his colleagues and emphasized the importance of their contributions.
Murdoch had considered reuniting Fox and News Corp. last year to consolidate leadership and cut costs, but withdrew the proposal in January, citing it was not optimal for shareholders.
The Murdoch family trust holds approximately 40% of the voting rights in both companies, with the family’s fortune estimated at over $17 billion as of 2023.
Fox, which has a market cap of over $15.5 billion, and News Corp., with a market cap of over $11 billion, continue to focus on news and sports through their traditional TV networks and the free, ad-supported streamer Tubi.
Murdoch’s influence in media has been the subject of numerous books and is loosely depicted in the HBO series “Succession.”
Michael Wolff’s forthcoming book, “The Fall: The End of Fox News and the Murdoch Dynasty,” is expected to offer more insights into the Murdoch family and their media empire.
