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Rupert Murdoch Stepping Down as Chairman of Fox Corp.
September 21, 2023
Following a career that began nearly 70 years ago, Rupert Murdoch, is stepping down as chairman of Fox Corp. and News Corp., effective in mid-November at the annual shareholders meeting.
At that time, Murdoch, 92, will be appointed chairman emeritus of each company. Following the shareholder meeting, Lachlan Murdoch will become sole chair of News Corp. and continue as executive chair and CEO of Fox Corp.
The elder Murdoch, who began his career in print media, owning hundreds of newspapers around the world, made a big impact on the global media landscape through satellite television (Sky) in the 1990s and 20th Century Fox, which he acquired in 1985. Murdoch sold 21st Century Fox to Disney in 2017 for $71 billion.
Politically conservative, and willing to further that agenda through his media empire, Murdoch established the Fox News Channel in 1996 — a media operation that would forever change the political landscape in the United States.
“On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” Lachlan Murdoch said in a statement. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”