Media mogul Rupert Murdoch, 92, is stepping down from his role as chairman of Fox and News Corp, marking the end of an era for the billionaire who built a global conservative media empire over decades.
Murdoch’s eldest son Lachlan Murdoch will take over as sole chairman of News Corp and continue serving as executive chairman and CEO of Fox starting in mid-November, the company announced Thursday.
The elder Murdoch, who remains engaged as chairman emeritus, informed employees of the transition in an internal memo seen by the Financial Times.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges,” he wrote, seeking to reassure staff.
Murdoch went on to rail against “elites” and the mainstream media in the memo, doubling down on his ideological views.
“Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth,” he stated.
Murdoch added: “In my new role, I can guarantee you that I will be involved every day in the contest of ideas.”
The move represents a significant changing of the guard for the Murdoch empire, which includes right-leaning outlets Fox News, The Wall Street Journal, and the New York Post.
Over decades, Rupert Murdoch garnered unmatched influence spreading conservative ideology and backing political figures aligned with his worldview. But at age 92 and facing health issues, he has now entrusted the future of his media properties to son Lachlan.
Unlike his father, Lachlan Murdoch has kept a lower public profile and appears less ideologically driven. It remains to be seen whether he will maintain the political agenda his father wielded so effectively for so long.
The elder Murdoch built his media dynasty through savvy dealmaking and an instinct for what captivates audiences, combined with a willingness to leverage his platforms to advance political causes.
He created a model emulated by other right-wing media organizations today. But his time officially at the helm is now over, even as he remains involved behind the scenes.
Rupert Murdoch leaves an enduring legacy, though a controversial one. While he stepped back from day-to-day business in recent years, his shadow still looms over the media empire. This leadership change marks a true shift that will be closely watched across the industry.
This is a developing story.
