Rupert Murdoch stepping down as Fox News and News Corp boss after 70-year career
Rupert Murdoch has announced that he is stepping down from leadership positions at two major international news corporations at the age of 92.
The Australia media tycoon said he would be giving up his role as chairman of the boards of Fox News and News Corp after an almost 70-year career.
“I have decided to transition to the role of Chairman Emeritus at Fox and News,” he wrote in a letter to colleagues.
“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.”
Mr Murdoch’s son Lachlan will take over the chairmanship of both companies, Mr Murdoch confirmed.
The tycoon, who built an empire including titles such as Fox News, The Times, The Sun, and The New York Post, has been one of the most powerful media owners for decades, having begun his career with Australian title The News in the 1950s.
“Our companies are in robust health, as am I,” Mr Murdoch added, insisting that the position change was not retirement.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas. Our companies are communities, and I will be an active member of our community.”
Incoming chairman Lachlan Murdoch, 52, said: “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.”
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted.
“We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
The Sun, which Mr Murdoch launched as a tabloid in 1969, reported that the transition would take place in November and paid tribute to the owner, noting that he had “revolutionised how live sport is watched in the UK” through Sky Sports.
The announcement comes months after the tycoon abandoned plans for a merger of his two flagship media brands, Fox and News Corp.
With a net worth of $17.3b (£14b) as of last year according to business magazine Forbes, Mr Murdoch is inside the top 100 wealthiest people in the world.
This story is being updated
