Rupert Murdoch, the media mogul, is stepping down from his positions as chairman of Fox Corporation and executive chairman of News Corp.
Image Credit - Instagram
Murdoch, aged 92, announced his transition to the title of chairman emeritus and stated that he is in good health. This transition will officially take place in November.
Image Credit - Instagram
His son, Lachlan Murdoch, will succeed him as the sole chairman of both Fox Corporation and News Corp.
Image Credit - Instagram
Rupert Murdoch expressed his pride in the collective achievements of the companies over the decades and thanked his colleagues for their contributions to their success.
Image Credit - Instagram
In a letter, Lachlan Murdoch congratulated his father on his remarkable 70-year career and expressed gratitude for his vision and impact on the companies.
Image Credit - Instagram
Rupert Murdoch's departure comes after a challenging period for Fox, including a settlement of $787.5 million in a defamation lawsuit with Dominion Voting Systems.
Image Credit - Instagram
The defamation lawsuit alleged that Fox News knowingly broadcast false information about the 2020 election.
Image Credit - Instagram
Additionally, top talent Tucker Carlson and the network parted ways shortly after the Dominion settlement.
Image Credit - Instagram
Rupert Murdoch served as executive chairman of 21st Century Fox from 2015 until its merger with The Walt Disney Company in March 2019.
Image Credit - Instagram
Before that, he held key leadership positions within the media empire, including CEO of 21st Century Fox from 1979 to 2015 and chairman from 1991 to 2015.
Image Credit - Instagram