The world reacts as Rupert Murdoch steps down from Fox and News Corp
TalkTV presenter Piers Morgan hailed Rupert Murdoch a “visionary leader” as the 92-year-old decided to step down from his roles at Fox and News Corp, but critics took the opportunity to blame the media magnate’s outlets for many of the world’s ills.
Mr Murdoch will be leaving his roles as chairman of the two companies’ boards after seven decades of building a global media empire, which started with a newspaper he inherited from his father in Australia before he expanded to the US and UK.
Mr Morgan, who works for News Corp as anchor of TalkTV, posted on X, formerly known as Twitter, that Mr Murdoch was “a bold, brilliant, visionary leader whose audacity & tenacity built a magnificently successful global media empire.”
“It’s been a privilege to work for him on and off for the past 30 years, and an ongoing masterclass in journalism & business. Thanks Boss!” he added.
Hacked Off, a movement created in 2011 to protect the victims of press abuse, responded to the news by highlighting the case of the News of the World, a British Murdoch newspaper that was brought down by a phone hacking scandal.
“Rupert Murdoch presided over a company where widespread illegality occurred and was subsequently covered up,” the Hacked Off CEO, Nathan Sparkes, said. “Every day, News UK’s unregulated newspaper publishers intrude on the lives of ordinary people and publish falsities with impunity.
“But changing the man at the head of News Corp won’t make a difference – the problems in the Murdoch press and other parts of the national newspaper industry are systemic and can only be resolved with independent regulation.”
An MSNBC presenter, Mehdi Hasan, linked Mr Murdoch’s influence and Fox’s news agenda to different political events in the past 20 years.
He said in a post on X that “some of the worst things we have had to experience in recent years – the Iraq War, the rise of Trump, the Big Election Lie – are all thanks to him and Fox”.
In a live broadcast, presenters at Fox News announced the resignation and paid tribute to Mr Murdoch saying: “We’d like to add our gratitude as well. Rupert Murdoch created all of this and so much more across America and the globe.
“His life’s work has left an indelible imprint on the global media landscape, his contributions are both innumerable and extraordinary and we thank him for letting us be a part of it all. Thank you Rupert and congratulations.”
Analysts said the immediate financial impact of Mr Murdoch’s decision on Fox would be limited.
“While his decision comes as a bit of a surprise, there is certainly some logic to the decision,” said Art Hogan, chief market strategist at B Riley Wealth Management.
“Broadcast TV is in secular decline, and Fox has lost both on air talent and ratings. As one of his sons will be taking over the leadership role, we wouldn’t expect to see much of a reaction in the stock, which is unchanged on a year-to-date basis.”
As well as Fox News, Mr Murdoch started the Fox broadcast network, the first to successfully challenge the Big Three of ABC, CBS and NBC, with shows like The Simpsons. He is owner of The Sun and The Times in the UK, and US titles The Wall Street Journal and the New York Post.
Lachlan Murdoch, Rupert’s son, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition solidifies Lachlan’s role as the leader of the media empire, putting to rest questions of succession within the Murdoch family.
“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.
