Fox founder Rupert Murdoch resigns
Fox founder Rupert Murdoch stepped down as chairman of Fox and News Corp, appointing his son, Lachlan, as chairman of both major media companies.
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| Rupert Murdoch and Lachlan Murdoch arrive for a morning session at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, July 13, 2018. (Photo: Bloomberg via Getty Images, FILE) |
In a memo to employees, Murdoch said the time was right for Lachlan to take on a "different role".
Rupert Murdoch will assume the role of Chairman Emeritus at both companies
Murdoch, 92, launched Fox News in 1996. It is now the most-watched TV news channel in the US.
Murdoch said he would transition into the role of the company's second Chairman Emeritus in mid-November.
"Our company is in good health, and so am I. Our opportunities far exceed our commercial challenges," he wrote, quoting the BBC, Thursday, September 21, 2023.
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"We have every reason to be optimistic about the coming years – I'm sure. And I plan to be here to participate in it," he said.
The transition comes on the heels of a tumultuous year for Fox. In April it agreed to pay Rp12.1 trillion in damages after voting machine company Dominion sued it.
The network is still facing a similar lawsuit from another voting technology company, Smartmatic, which is asking for a larger sum of Rp42 trillion.
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Then on April 25, Fox announced it would "part ways" with Tucker Carlson, the highest-rated TV host. This comes amid reports that the decision came from the upper class.
Murdoch's move comes a year before the US presidential election, in which far-right Fox News wields significant influence. The network is hosting several debates between Republicans vying to become the Republican candidate in 2024.
In his memo to staff, Rupert Murdoch vowed to continue to engage in the "contest of ideas".
He also criticized other media outlets for "conspiring" with the "elite class" whom he accused of "selling political narratives rather than pursuing the truth".
In a statement, Lachlan Murdoch – who returned to the family business in 2014 after an abrupt exit nearly a decade earlier – said his father would continue to provide valuable advice to both companies.
Murdoch began his career in his native Australia in the 1950s. He bought the News of the World and The Sun newspapers in England in 1969.
He later bought several US publications including the New York Post and Wall Street Journal. Through News Corp, he remains the owner of hundreds of local, national, and international media outlets.
Until today's announcement, Lachlan Murdoch served as Executive Chairman of Fox Corporation and Nova Entertainment.
Fox shares rose nearly 2% after the announcement, while New Corps shares rose slightly 0.6%.