Rupert Murdoch will be stepping down as the Chairman of the board of News Corp and Fox Corp, officially in November 2023.
Lachlan Murdoch, one of Rupert’s sons, will take over as chairman of News Corp and also continue as Fox Corp.’s executive chair and CEO.
92-year-old Murdoch will be appointed chairman emeritus of each company.
Murdoch said in a note to his employees, “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.”
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change. It is time for me to take on different roles,” Murdoch said in his note to employees.
“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,” Lachlan said.
Born on March 11, 1931, in Melbourne, Australia, Murdoch has built a vast media conglomerate that spans newspapers, television, film, and digital media.
Murdoch's media journey began when he inherited two newspapers, the Adelaide News and Sunday Mail, from his father in 1952. He quickly expanded his holdings by acquiring other newspapers, including the Daily Mirror in Sydney. In the 1960s, he ventured into the British media market by purchasing News of the World, The Sun, and The Times. These acquisitions marked the beginning of his global media empire.
One of Rupert Murdoch's most significant achievements was the founding of News Corporation in 1979, which later became 21st Century Fox. Under his leadership, News Corporation expanded its reach into television and film, acquiring assets like 20th Century Fox and Fox News.
Perhaps one of the most notable events in Murdoch's career was his acquisition of The Wall Street Journal in 2007, cementing his influence in business journalism.
In 2013, Murdoch's media empire underwent a significant restructuring. He split his holdings into two separate companies: 21st Century Fox (later acquired by Disney) for entertainment assets and News Corp for publishing and news divisions. This move allowed him to focus on his core interests and adapt to the changing media landscape.
In between he decided to reunite both News Corp and 21st Century Fox. The plan was then scrapped earlier this year.