Business
Murdoch exits News Corp after building right-wing media empire
By Jake Beardslee · September 21, 2023
In brief…
- Media mogul Rupert Murdoch is stepping down as Chairman of Fox and News Corp after more than 70 years of building a global media empire.
- Murdoch's son, Lachlan, will take over as sole Chairman of News Corp and continue as Fox's Chairman and CEO.
- Murdoch's resignation comes months after dropping plans to reunite Fox and News Corp and a $787.5 million Fox settlement over false 2020 election claims.
- Murdoch has drawn wide praise from conservatives for promoting their policies and providing a powerful alternative to the mainstream media.
Media mogul Rupert Murdoch is stepping down as Chairman of Fox and News Corp after more than seven decades building a global media empire, his companies announced Thursday.
“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch, who will take over as sole Chairman of News Corp and continue as Chairman and CEO of Fox.
The 92-year-old Murdoch, who maintains near-controlling stakes in both companies, will be appointed Chairman Emeritus when his resignation takes effect at November’s shareholders’ meeting.
The move comes just months after Murdoch scrapped plans to reunite his media holdings by merging Fox and News Corp.
It also follows Fox reaching a $787.5 million settlement in April over allegations it pushed false claims about Dominion Voting Systems’ role in the 2020 U.S. presidential election. Fox has denied any wrongdoing.
During his years at the helm, Murdoch has drawn wide praise from conservatives for promoting their policies and values, and opprobrium from liberals who believe his right-wing media empire has fueled political polarization. He started the Fox broadcast network in 1996, posing an unprecedented challenge to the Big Three U.S. mainstream networks. He also owns The Wall Street Journal and the New York Post.
In a letter to employees, Murdoch vowed to remain engaged with Fox, writing, “I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest.”
British TV host Piers Morgan praised Murdoch on social media as a “bold, brilliant, visionary leader” and thanked him for the “ongoing masterclass in journalism and business.”