Rupert Murdoch announced on September 21, 2023 that he will be stepping down as chairman of Fox Corporation and News Corporation following an amazing 70-year run. By November, the 92-year-old business magnate will become Chairman Emeritus and transfer control of both organizations to his son Lachlan Murdoch.
Given the huge empire Rupert Murdoch built, which includes outlets like The Wall Street Journal and Fox News, such a move, which marks the end of an era, is sure to have repercussions and implications for the media landscape.
Summary of rupert murdoch stepping down
| Date | Event | Summary |
|---|---|---|
| September 21, 2023 | Rupert Murdoch announces his stepping down from Fox Corp. and News Corp. | At 92, Murdoch shifts to Chairman Emeritus while son Lachlan becomes the sole chairman of both companies. |
| November 2023 | Lachlan Murdoch assumes chairmanship of Fox Corp. and News Corp. | The official transition follows the Annual General Meetings of both companies. |
| 1950s | Start of Rupert Murdoch’s career | Murdoch embarks on his media journey, leading to a global empire spanning seven decades. |
| 1985 | Acquisition of Twentieth Century Fox | A defining moment in Murdoch’s career, purchasing the major Hollywood entity for $600 million. |
The media sector has been rocked by Rupert Murdoch’s revelation that he is “stepping down.” Murdoch is paving the way for a new leadership period after presiding over Fox Corp. and News Corp. for a whopping 70 years, with his son Lachlan prepared to step into the massive leadership shoes left behind.
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Rupert Murdoch’s Decision to Step Down
The 92-year-old media mogul Murdoch, who is a titan in his field, did not take this choice lightly. He informed the staff of the change, emphasizing his wish to devote more time to his health and family while assuring them of his continued interest in news and ideas. His new title, however, will be Chairman Emeritus.
Lachlan Murdoch’s Ascension
Lachlan has experience in the media industry and has held senior positions before. Lachlan acknowledged his honor in assuming the role after previously holding the position of CEO of Fox Corp. He is committed to continuing and advancing his father’s heritage of “excellence in journalism and entertainment.”
Transition Timeline
The media sector is closely watching November, when the change will go into effect after the annual general meetings. It is noteworthy that Murdoch and the Murdoch family trust, who control both firms and hold more than 40% of the voting shares, have a major influence.
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