In a surprising announcement, Rupert Murdoch has revealed that he will be stepping down as chairman of the board of Fox and News Corp. in November. The media mogul will then be appointed Chairman Emeritus of each company. This move will pave the way for Lachlan Murdoch, currently the CEO of Fox, to become the sole chair of News Corp and continue as the Executive Chair and CEO of Fox Corporation.
In a letter to employees, Rupert Murdoch explained that he believes the time is right for him to take on different roles, knowing that Lachlan Murdoch is a talented and principled leader who will assume the responsibilities of sole chairman. Murdoch expressed his pride in the achievements of the company and his appreciation for the dedicated employees who have contributed to its success over the years.
Despite stepping down as chairman, Murdoch assured his colleagues that he will remain engaged with the news and ideas that have defined his professional life. He plans to be actively involved in the daily operations of the company, watching broadcasts, reading newspapers, websites, and books, and offering thoughts, ideas, and advice to the team.
Murdoch’s departure as chairman comes at a challenging legal time for Fox Corp. Earlier this year, the company agreed to pay a significant settlement in a case brought by Dominion Voting Systems over Fox News’ coverage of the 2020 presidential election. This case revealed internal information that showed doubts expressed by Murdoch regarding former President Donald Trump’s election claims, despite the network amplifying them. Another election systems company, Smartmatic, is also suing Fox for billions of dollars, adding to the legal challenges faced by the company.
Despite these challenges, Rupert Murdoch expressed optimism about the future of the company. He emphasized the importance of the battle for freedom of speech and thought, acknowledging that self-serving bureaucracies and elites seek to silence those who question their authority. Murdoch believes in the cause of freedom and has confidence that Lachlan Murdoch shares the same commitment.
While the transition in leadership represents a significant change for the media conglomerate, it also presents an opportunity for growth and improvement. Rupert Murdoch urged employees to make the most of this opportunity and work towards creating a better world.
With Rupert Murdoch assuming the role of Chairman Emeritus, and Lachlan Murdoch taking on the role of sole chairman, Fox and News Corp. will undoubtedly face new challenges and opportunities. The media empire, which has played a significant role in shaping the media landscape, will continue to evolve under the leadership of the Murdoch family.
