Media Shock: Rupert Murdoch's Sudden Exit Sparks Dramatic Shift – What's Next for Fox and News Corp?

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Rupert Murdoch, the media mogul, is stepping down from his positions as chairman of Fox Corporation and executive chairman of News Corp.

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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.

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His son, Lachlan Murdoch, will succeed him as the sole chairman of both Fox Corporation and News Corp.

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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.

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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.

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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.

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The defamation lawsuit alleged that Fox News knowingly broadcast false information about the 2020 election.

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Additionally, top talent Tucker Carlson and the network parted ways shortly after the Dominion settlement.

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Rupert Murdoch served as executive chairman of 21st Century Fox from 2015 until its merger with The Walt Disney Company in March 2019.

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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.

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