Rupert Murdoch is stepping down as Chairman of the Fox and News Corp boards in November. The 92-year-old media tycoon will be appointed chairman emeritus of each company.
Lachlan Murdoch to Succeed Father As Head of News Corp.
His son, Lachlan Murdoch, will become the sole Chairman of News Corp. and will continue as Fox Corp's executive chair and CEO.
“Our companies are in robust health, as am I,” Murdoch Sr. said in a letter to employees. “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.”
Murdoch is stepping away from the boards after a tumultuous year for Fox's Corp. In April, the company agreed to pay a $787.5million settlement to Dominion Voting Systems' after they were sued for defamation by the company after the channel reported false claims that the company's machines were rigged to sway the result of the 2020 election in favor of now-President Joe Biden.
Had the case gone to trial, Dominion had called for Murdoch, his son, and Fox anchors and executives to take the stand.
However, Murdoch was deposed by Dominion's lawyers and told lawyers that some of the network's anchors parroted false claims in the months following the election.
Murdoch's 70 Years in The Media
The Australian media mogul has a career spanning seven decades. He briefly worked as an editor at London's Daily Express after graduating from Oxford in 1953. He returned to Australia to run Adelades Sunday Mail and The News newspapers he inherited from his father in 1954.
Murdoch would buy London-based News of the World and Sun newspapers in 1969 before buying several regional U.S. papers in the 70s, including the San Antonio Herald and the New York Post.
In 1979, he founded News Corp before buying holdings in film, T.V., radio, and other entertainment businesses throughout the 1980s, buying 20th Century Fox in 1985 before launching the Fox News Network in 1996.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch said.
A year ago, Murdoch, whose family owns a 40% stake in both companies, considered reconsolidating Fox and News Corp to cut costs and consolidate leadership after he split the businesses up in 2013. However, the proposed merger was axed in January. Murdoch told the board that he “determined that a combination is not optimal for the shareholders.”
In 2019, Murdoch sold 21st Century Fox to The Walt Disney Company, including 20th Century Fox film and television studios, U.S. cable channels FX, Fox Networks Group, a 73% stake in National Geographic, and a 30% stake in Hulu.
A day before the deal closed, Murdoch created the Fox Corporation, which included T.V. networks not included in the acquisition, including Fox's News, business, and sports channels. At the same time, his interests in British satellite and broadcasting company Sky were divested and sold to the Sinclair Broadcast Group.
Source: CNBC
