New York (AP) – Rupert Murdoch, the influential right-wing media tycoon renowned for crafting one of the world’s most dominant news empires, announced his retirement as chairman of Fox Corporation and News Corporation. At the age of 92, Murdoch conveyed in a memo to employees, “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.”
Murdoch, at the helm of Fox and News Corporation, publishers of notable broadsheets like The Wall Street Journal and the New York Post, has long wielded substantial influence within the Republican Party, rivaled by only a select few.
His exit comes at a pivotal juncture in the media landscape, as established entertainment giants grapple with the transformation of traditional television and film, while consumers increasingly shift to streaming services.
Notably, Murdoch’s decision to step down will reverberate through the political arena, coinciding with the intensifying 2024 presidential race. Fox News remains entangled in litigation related to its promotion of former President Donald Trump’s election claims following the 2020 election.
Lachlan Murdoch, Rupert’s eldest son and current CEO of Fox Corporation, will assume the sole chairmanship of both companies. Rupert praised Lachlan as “a passionate, principled leader.” While it remains uncertain whether Fox’s editorial direction will change under Lachlan, Rupert indicated a commitment to maintaining the right-wing stance for which his media companies are known.
In his new role as chairman emeritus, Rupert Murdoch affirmed his continued involvement “every day in the contest of ideas.”
It’s worth noting that Lachlan Murdoch has privately expressed disagreements with former President Trump’s behavior, suggesting it would be detrimental for the country if Trump were to run again.
Murdoch’s career in media began in the 1950s with a small Australian newspaper chain and culminated in 1985 when he acquired Twentieth Century Fox for $600 million. In 1986, he ventured into the television business by purchasing several US television stations and establishing Fox Broadcasting.
Fox News marked Murdoch’s retirement on air, with anchor Bill Hemmer acknowledging Murdoch’s profound impact on global media and society, while anchor Dana Perino expressed gratitude for his contributions to the network’s success.