The eldest son takes over, and Murdoch announces his resignation as Chairman of News Corporation and Fox in November
On September 21st local time, 92 year old media giant Rupert Murdoch announced that he will officially resign as Chairman of the Board of Directors of News Corporation and Fox in November this year, becoming Honorary Chairmen of both companies.
In his letter to employees, Murdoch wrote, "I would like to inform everyone that I have decided to transfer to the positions of Honorary Chairman of News Corporation and Fox... Our company is thriving, and my body is also in good health. We have ample reason to be optimistic about the coming years, at least in my personal opinion, and plan to continue working in the future. However, the battle against freedom of speech and ultimately freedom of thought has never been as intense as it is now."
After Murdoch officially steps down, his eldest son, Lachlan Murdoch, will become the sole chairman of News Corporation and continue to serve as the executive chairman and CEO of Fox.
In the letter, Murdoch said, "I know we have a truly talented team, and a passionate and principled leader, Lackland, will become the sole chairman of both companies. Excessive arrogance and hypocritical humility are not commendable, but I am very proud of the achievements we have achieved together over the past few decades, and I want to thank my colleagues."
Subsequently, Lackland Murdoch also issued a statement congratulating his father on behalf of Fox and the News Corporation board, leadership team, and all benefiting shareholders.
Rupert Murdoch started his career in 1954 from an Australian newspaper and began a 70 year long career, creating a "media empire" that covered publishing, entertainment, and television news.
In the past year, both News Corporation and Fox have had a relatively difficult time. In February of this year, News Corporation announced plans to lay off approximately 1250 positions, equivalent to 5% of its total workforce, due to inflation and soaring interest rates affecting all of the company's operations.
On the other hand, Fox suddenly announced in April this year that it had parted ways with its current anchor, Tucker Carlson. In July, Fox agreed to pay a settlement fee of $787.5 million to Dominic Voting Systems to resolve the defamation lawsuit, as Fox had previously released false information alleging that the company was involved in manipulating the results of the 2020 presidential election.
As of the time of publication, Fox's stock price rose slightly after the opening of the day, with an increase of over 2%. The stock price of News Corporation fell slightly after opening and then rebounded.