Rupert Murdoch, the 91-year-old media mogul, stepped down as chairman of Fox Corporation and News Corp on Thursday, September 21, 2023. His older son, Lachlan Murdoch, will succeed him as chairman of both companies.
Murdoch has been a dominant figure in the global media landscape for decades. He built his empire from a small newspaper in Australia in the 1950s to include some of the world's most popular media brands, including Fox News, The Wall Street Journal, and The Sun.
Murdoch's resignation as chairman comes at a time when the media industry is facing significant disruption. The rise of streaming services like Netflix and Disney+ has disrupted the traditional television business, and social media platforms like Facebook and Twitter have become major sources of news and information.
In a statement, Murdoch said that he was "confident that Lachlan and the rest of the board and management teams will continue to lead the companies to new heights."
Analysts say that Murdoch's retirement is the end of an era in the media industry. He was one of the last of the old-school media moguls who built empires based on print and television.
Lachlan Murdoch has been groomed to take over the family business for many years. He has served as co-chairman of Fox Corporation since 2018 and as executive chairman of News Corp since 2019.
It remains to be seen how Lachlan Murdoch will lead the company in the years to come. He faces a number of challenges, including the decline of traditional television and the rise of streaming services. However, he also has a number of assets at his disposal, including Fox News, which is one of the most popular cable news networks in the United States.
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