Rupert Murdoch steps down as chairman of Fox, News Corp
Media mogul Rupert Murdoch has announced that he will be stepping down from his role as chairman of the board of both Fox Corporation and News Corp. The corporations made the decision public on Thursday. According to the companies, Murdoch's son Lachlan will become the sole chairman of News Corp and will continue to serve as the chairman and CEO of Fox.
Announcement by Murdoch
Time for me to take on different roles: Murdoch
In a memo to employees, 92-year-old Murdoch wrote, "For my entire professional life, I have been engaged daily with news and ideas, and that will not change." "But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies."
Murdoch to be named chairman emeritus in November
The decision ended a more than seven-decade career in which he built a media empire extending from Australia to the United States (US). His departure also comes only months after Murdoch abandoned a proposal to rebuild his media empire by merging Fox and News Corp. Murdoch will now be named chairman emeritus when his departure becomes effective at a shareholders' meeting in November.
Murdoch first ventured into newspaper business in 1950s
He made his foray into the newspaper industry in the 1950s. In 1985, he ventured into Hollywood when he purchased 20th Century Fox from oil mogul Marvin Davis for $600 million. Beginning with two modest Australian newspapers, Murdoch established a global media empire. Murdoch's News Corp owned over 800 enterprises in over 50 countries by 2000, with a net value of over $5 billion.
Critics accused him of bringing down media standards
His life, however, is not without controversy. Some human rights campaigners have accused Murdoch of fueling political divisiveness through his right-wing media empire. His critics accused him of lowering media standards and abusing his position. They said his media empire is founded on a hate-for-profit business model—engaging in migrant bashing, election denial, and anti-LGBTQ sentiment—to increase ratings and make him and his guests rich.
