The media mogul whose empire upset a lot of apple carts in the modern era will be stepping down from his role as chairman of Fox News and News Corp as of November.
Rupert Murdoch, 92, will be named Chair Emeritus of the two companies while his son, Lachlan Murdoch, will become the sole chair after spending the last few years as a co-chair for the companies.
“For my entire professional life,” the elder Murdoch wrote in a memo to staff, “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.”
More via the Wall Street Journal:
Murdoch is one of a handful of media barons, along with the likes of John Malone, Ted Turner and Sumner Redstone, who shaped the modern era of media. He has wielded influence in political and financial capitals, earning credit from his boosters and blame from his critics. Murdoch has remained active in his later years, pursuing big deals to reshape his companies.
Murdoch is stepping back at an important moment for both wings of his media empire, as they confront fundamental challenges in the media landscape. Fox, a relatively small player in an entertainment industry now dominated by titans, is wrestling with the profound implications of cable cord-cutting and the growth of streaming. News Corp, owner of The Wall Street Journal, Times of London and other publications, is trying to find the right formula for digital growth amid a fierce battle for subscribers and online-ad dollars.
Murdoch views himself and his company as an outsider among a media complex of insiders all in “cahoots” with the elites who run government here and across the Atlantic. His media empire includes not just Fox News but outlets in the U.K., and his media empire has rubbed a lot of folks the wrong way.
Something he seems immensely proud of.
“Elites have open contempt for those who are not members of their rarefied class,” Murdoch wrote in his memo.
“Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth,” the retiring media titan said. https://t.co/hRpGt8IMBS
— Philip Melanchthon Wegmann (@PhilipWegmann) September 21, 2023