Rupert Murdoch, 92, Steps Down as Chairman of Fox and News Corps After 70-year Career
Murdoch met his soon-to-be fifth wife through his third wife, Wendi Deng.
Rupert Murdoch announced that he is stepping down as the Chairman of Fox Corp. and News Corp this week, RadarOnline.com can confirm.
The shocking and sudden development comes after the 92-year-old billionaire mogul served a 70-year career in the media industry.
The move will be made official in November.
Murdoch made the announcement in a note to employees on Thursday morning, and the move will reportedly be made official in November.
Meanwhile, Murdoch will reportedly be appointed “Chairman Emeritus” of both Fox Corp. and News Corp as his son, Lachlan Murdoch, 52, takes over as sole Chairman of News Corp.
Lachlan will reportedly remain Executive Chair and CEO of Fox Corp. – a position he was appointed to after 21st Century Fox was acquired by Disney in March 2019.
“Dear Colleagues,” the elder Murdoch wrote on Thursday morning, “I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News.”
Lachlan Murdoch, 52, will take over as sole Chairman of News Corp.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” he continued. “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.”
Murdoch indicated that his decision to step down as Chairman of Fox Corp. and News Corp was not due to health concerns, and he emphasized that the “battles for the freedoms of speech and thought” have “never been more intense.”
“Our companies are in robust health, as am I,” the 92-year-old media mogul wrote. “Our opportunities far exceed our commercial challenges.”
“We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them,” Murdoch continued. “But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
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“Our companies are in robust health, as am I,” the 92-year-old media mogul wrote.
“I look forward to seeing you wherever you work and whatever your responsibility,” he concluded. “And I urge you to make the most of this great opportunity to improve the world we live in.”
As RadarOnline.com previously reported, Murdoch’s decision to step down this week came following a chaotic year at Fox News. The decision also comes ahead of next year’s presidential election.
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Fox News agreed to pay Dominion Voting Systems a whopping $787.5 million in April to settle a defamation lawsuit connected to the network’s coverage of the 2020 presidential election.
The network also recently suffered a significant dip in ratings following Tucker Carlson’s involuntary departure from Fox News earlier this year.
Murdoch’s decision to step down this week came following a chaotic year at Fox News.
Murdoch “guarantees” that he will remain “involved” in the companies despite his decision to step down this week.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” he wrote in his announcement. “In my new role, I can guarantee you that I will be involved every day in the contest of ideas.”
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