Powerful billionaire Rupert Murdoch is stepping down from his position as chair of both Fox and News Corp, marking a significant shift that’s ending his longstanding leadership in the global media realm. Taking over the reins is his eldest son Lachlan Murdoch, whom, starting from mid-November, will serve as the sole chair of News Corp and will also continue in his roles as executive chair and chief executive of Fox.
Although Rupert Murdoch, now 92, is relinquishing his chairmanship, he said he will remain actively involved with the company, assuming the title of “chair emeritus.” Addressing the company’s employees, Murdoch emphasized the company’s strong position and his own personal health. His internal memo, as reported by the Financial Times, read, “Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges.”
Also in his memo, Murdoch shared his perspectives on the broader media landscape. He criticized what he termed as “elites,” accusing them of harboring disdain for those outside their circle. He also expressed skepticism about the majority of media, accusing them of prioritizing political narratives over truth-seeking. “In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he added.
Information for this story was found via the Financial Times. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.