Australian-born American business magnate, Rupert Murdoch has announced he is stepping down as chairman of Fox News and News Corp after about 70 years of being in charge.
Mr Murdoch’s eldest son Lachlan Murdoch will take over from his father.
In a statement, he said that he had “decided to transition to the role of Chairman Emeritus at Fox and News,” with his son Lachlan to “become sole Chairman of both companies.”
The 92-year-old informed colleagues in a letter on Thursday of his decision, noting that he would officially make the transition in November.
“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News,” Murdoch wrote. “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.
“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.
“Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.
“Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication.
“Our companies are in robust health, as am I. 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.”
The British arm of Murdoch’s media empire, News UK, publishes nearly a third of national papers sold every day.
According to Forbes, he is reported to have a net worth of over $17 billion after he first started to build his empire in Australia during the 1950s.
In 1969, he took on Fleet Street with the purchase of the News of the World and The Sun, which would both become two of the most successful and best-selling tabloids in the UK.
He went on to purchase The Times and Sunday Times in 1981, while also building his empire in America with the acquisition of the New York Post.
Murdoch later expanded into television to create Fox News Channel, which became the dominant cable news subscription network in the US.
Other assets included The Wall Street Journal, book publishing giant HarperCollins, and 21st Century Fox, which was sold to Disney for $71 billion in 2019.
