Rupert Murdoch steps down from News Corp and Fox, Lachlan ascends
Rupert Murdoch has stepped down from his top roles overseeing his sprawling media empire, to make way for his chosen successor, first son Lachlan Murdoch.
Mr Murdoch, 92, made the announcement late on Thursday night, releasing a statement which said he was in “robust health” but that “the time is right” for him to leave his role as chairman of News Corp and Fox Entertainment.
Shares of Fox rose 2.3 per cent to $US31.88 at 11.11am in New York. Shares of News Corp. rose less than 1 per cent to $US19.85.
He will now take the role of chairman emeritus of both companies. News Corp’s media interests in Australia include titles such as The Australian, metro tabloids, Sky News and pay-TV operator Foxtel.
Rupert Murdoch has stepped down from his role as chairman of News Corp and Fox after a seven-decade career. AP
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Mr Murdoch said. “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.”
The move will likely be Mr Murdoch’s final role in an illustrious career in business and media which has spanned seven decades. His naming of first son Lachlan as the heir to the Murdoch family empire also ends years of drama over who would take over.
Mr Murdoch drew the line from his father, newspaper proprietor Keith Murdoch, through to his son and included pointed barbs aimed at sections of the media, railing against “elites”.
“My father firmly believed in freedom, and Lachlan is absolutely committed to the cause,” Mr Murdoch said.
“Self-serving bureaucracies are seeking to silence those who would
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