Rupert Murdoch, 92, to step down as chairman of Fox and NewsCorp after 70 years – and his son Lachlan is expected to take over
Rupert Murdoch has announced he is stepping down as chairman of Fox and News Corp after 70 years.
The 92-year-old billionaire will take on the new role of chairman emeritus, with his son Lachlan becoming sole chairman of both companies.
In a statement, Lachlan said: “On behalf of the FOX and News Corp boards, management teams and all shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career. .
“We thank him for his vision, his pioneering spirit, his unwavering determination and the lasting legacy he leaves behind in the companies he founded and the countless people he influenced.
“We are grateful that he will serve as Chairman Emeritus and know that he will continue to provide valuable guidance to both companies.”
Rupert Murdoch will take on the new role of chairman emeritus, with his son Lachlan becoming the sole chairman of Fox and News Corp.
A spokesperson confirmed Lachlan’s new role will start after the annual general meetings in mid-November.
The media mogul got into the newspaper business in the 1950s and became a major Hollywood executive in 1985 when he bought Twentieth Century Fox from oilman Marvin Davis for $600 million.
In a memo to employees, Murdoch wrote: “For my entire working life, I have been confronted with news and ideas every day, and that will not change.
“But the time has come for me to take on different roles, knowing that we have some really talented teams.”
This is a developing story.