Rupert Murdoch Steps Down as Chairman of News Corp. and Fox Corp., Taking on Role of Emeritus Chairman

Rupert Murdoch, the 92-year-old media mogul and chairman of News Corp. and Fox Corp., is set to step down from his role as chairman and take on the role of emeritus chairman. The move marks the end of a seven-decade career that saw Murdoch build a media dynasty ranging from cable television to tabloid newspapers and establish himself as one of the world’s most influential media executives.

Lachlan Murdoch, Rupert’s eldest son, will become the sole chair of News Corp. and continue as executive and CEO of Fox Corp. Rupert will take on his new role at the companies’ next shareholder meetings, which are scheduled for mid-November.

In a six-paragraph message to employees, Rupert said, “In my new role, I can guarantee you that I will be involved every day in the contest of ideas.” He added that the time was right for him to take on different roles.

The move comes at a time when the media businesses are facing a number of challenges, including the fallout from a bruising trial and nearly $800 million settlement over a dispute with a former business partner.

Rupert Murdoch’s departure from News Corp. and Fox marks the end of an era for the media industry. His influence and legacy will continue to be felt for years to come.