Media mogul Rupert Murdoch steps down as Fox, News Corp chair after seven-decade stint

livemint.com:

entertainment industry and will now serve as Chairman Emeritus. His eldest son, Lachlan Murdoch, who has served as co-chair of News Corp, will take over as the next chairman of the companies, reported The wall Street Journal on Thursday.

Murdoch, 92 years, will exit his roles atop each company as of November, when they hold annual meetings, the companies said. “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," the WSJ quoted Rupert Murdoch’s memo to staff. He called Lachlan a “passionate, principled leader" who can take the companies into the future, the report added.

“We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies," Reuters quoted Lachlan Murdoch as saying. In a letter accessed by Reuters, Rupert Murdoch ensured Fox employees that the companies were “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," the letter reportedly read.