Rupert Murdoch, the 92-year-old media titan, has announced his retirement from the helm of both Fox Corp and News Corp. This decision marks the end of an illustrious seven-decade-long journey that saw Murdoch transform a modest Australian newspaper business into a colossal media empire.
Effective from November, during their annual meetings, Murdoch will assume the honorary title of Chairman Emeritus. The baton of leadership will now be passed to his eldest son, Lachlan Murdoch, who has previously co-chaired News Corp. This transition was confirmed in a statement released by the companies on Thursday, September 21.
Lachlan, 52, praised his father’s unparalleled contributions, stating, “We are grateful that he will serve as chairman emeritus and are confident in his continued guidance.” In a memo to the staff, the senior Murdoch expressed his unwavering passion for news and ideas, emphasizing, “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.”
The media magnate’s journey began in the 1950s when he ventured into the newspaper realm. His acquisitions, including the $600 million purchase of Twentieth Century Fox in 1985 and the establishment of Fox Broadcasting in 1986, solidified his position as a dominant force in the media world. Murdoch’s influence further expanded with the creation of Fox News in 1996, a channel that has significantly impacted the U.S. political scene.
Despite stepping down, Murdoch assured his employees of his continued involvement. In a letter, he wrote, “We have every reason to be optimistic about the coming years — I certainly am, and plan to be here to participate in them.”
This transition comes at a time when both Fox and News Corp face significant challenges. While Fox grapples with the rise of streaming and cable cord-cutting, News Corp, which owns renowned publications like The Wall Street Journal, is navigating the digital age’s complexities.
Murdoch’s legacy is not just limited to his business acumen. He has been a vocal advocate for freedom of speech, often challenging the status quo. In a recent memo, he highlighted the ongoing battle over freedom of speech and thought, stating, “Elites have open contempt for those who are not members of their rarefied class.”
The Murdoch family’s future dynamics will be closely watched, especially considering the potential family battle for control of the empire post-Murdoch’s era. As of now, each of Mr. Murdoch’s four eldest children — Lachlan, Elisabeth, James, and Prudence — will have an equal say in the trust controlling the family’s stake in the empire.
As the media world processes this significant transition, all eyes will be on Lachlan Murdoch and how he steers the ship in the coming years.
