Rupert Murdoch, the 92-year-old Australian media mogul known for creating Fox News and exerting significant influence on American politics, is stepping down from his leadership roles at both Fox’s parent company and News Corp.
Fox made the announcement on Thursday, stating that Murdoch will assume the position of chairman emeritus for both companies, effective following board meetings in November. His son, Lachlan Murdoch, will take over as chairman of News Corp. and will continue to serve as the CEO of Fox Corp.
Lachlan Murdoch expressed gratitude for his father’s continued involvement, stating, “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”
Rupert Murdoch’s impact on the media landscape has been profound. In addition to founding Fox News, he launched the Fox broadcast network, successfully challenging the dominance of ABC, CBS, and NBC with shows like “The Simpsons.” He is also the owner of prominent publications such as The Wall Street Journal and the New York Post.
In 2019, Murdoch streamlined his corporate holdings by selling many entertainment assets to The Walt Disney Co., including film production, rights to Marvel comics, National Geographic, and the cable network FX.
Fox News Channel, launched in 1996, has had a profound influence on television and American politics, with Murdoch receiving both acclaim and criticism. The 24-hour news network translated the energy of political talk radio into television and quickly outpaced CNN and MSNBC in viewership within six years of its launch.
However, it has been a challenging year for Fox News. The network was required to pay $787 million to settle a defamation lawsuit related to its coverage of false claims following the 2020 presidential election. Following this, Fox fired its most popular personality, Tucker Carlson.
Despite having a positive stock performance in 2023, Fox Corp. saw a decline in early 2022, partly due to lawsuits and concerns among investors about the loss of viewers to smaller media outlets.
In a letter to employees, Rupert Murdoch assured that he would remain actively engaged at Fox. He stated, “In my new role, I can guarantee you that I will be involved every day in the contest of ideas…Our companies are communities, and I will be an active member of our community.”