Rupert Murdoch Steps Down As Chairman Of Fox News, News Corp

Media mogul Rupert Murdoch on Thursday stepped down as the chairman of Fox News and News Corp after serving seven decades in the media industry. His eldest son, Lachlan Murdoch, is all set to take over as the next chairman of the companies.

The 92-year-old will retire from his roles at each company as of November.

Rupert Murdoch in his memo 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.".

Murdoch called Lachlan a "passionate, principled leader" who can take the companies into the future.

"We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies," Reuters quoted Lachlan Murdoch as saying.

Murdoch is stepping down when Fox and News Corp, both are facing fundamental challenges. While, Fox is wrestling with the profound implications of cable cord-cutting and the growth of streaming, News Corp, owner of The Wall Street Journal, Times of London and other publications, is struggling to find the right formula for growth in the digital age.

Murdoch, a native of Australia, inherited a small newspaper business at age 22 after his father, a former war correspondent, passed away. He expanded his business in Australia and New Zealand before expanding into the United Kingdom in 1969 in the US in 1974 by acquiring or creating iconic brands across print, television and film.

Reportedly, he started the Fox network, "The Simpsons" and NFL football; presided over the Hollywood studio behind "Avatar" and "Titanic"; and built up pay-TV giant Sky in the UK.

He split up his business in 2013, with the publishing assets keeping the company's original name, News Corp, and the entertainment assets going to 21st Century Fox. Later he sold most of Fox's movie studio, FX, and National Geographic Networks and its stake in Star India to Disney for $71.3 billion in March 2019.

According to securities filings, the media mogul continues to be a major shareholder in the two companies. He and his family have a roughly 40% voting stake in News Corp and about a 44% voting stake in Fox Corp.