Media tycoon Rupert Murdoch is stepping down as chairman of the board of both Fox Corp. and News Corp. The company announced Thursday morning that Murdoch, 92, will officially retire from his position in November, with his son, Lachlan Murdoch, replacing him as chair of both firms, per CNN and CNBC. Murdoch will be appointed chair emeritus of both companies.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch wrote in a memo to employees. “But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.”
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Murdoch continued: “Our companies are in robust health, as am I. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
His son shared, per The New York Times, “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.”
Born in Melbourne, Australia, Murdoch made most of his fortune in the U.S. and U.K. His start in the newspaper business came in 1952 when he inherited his father’s interests in the Adelaide newspaper The News in 1952, becoming editor, publisher and a member of the board of News Limited the following year, according to his biography. Just two years later, he took control of News Limited “and embarked on a path that would redefine the media landscape,” with his entrepreneurial instinct leading him to expand his interests into the growing medium of television He went on to found Southern Television Corporation, with its newly licensed Channel 9 becoming the to air in 1959 in South Australia.
A few decades later, Murdoch became a major Hollywood executive when he purchased Twentieth Century Fox from oilman Marvin Davis for $600 million in 1985. The following year, he ventured into the TV business after he purchased several US television stations and created Fox Broadcasting.Fox News launched in 1996 as a startup competitor to CNN and went on to become the No. 1 cable news channel in America.
In his new role as chair emeritus of both companies, Murdoch said in the memo to staff, “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. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas, and advice.” He added that he looks “forward to seeing you wherever you work and whatever your responsibility. And I urge you to make the most of this great opportunity to improve the world we live in.”
