Media mogul Rupert Murdoch plans to resign as chairman of Fox Corporation and News Corporation, the company said Thursday.
Murdoch will become chairman emeritus of the two corporations, the company announced in a press release.
His son, Lachlan Murdoch, will become sole chairman of News Corp and continue as chairman and CEO of Fox, the companies said Thursday.
“We are grateful that he will be chairman emeritus and know that he will continue to provide valuable advice to both companies,” Lachlan said in a statement released by Fox.
“We thank him for his vision, his pioneering spirit, his steadfast determination and the enduring legacy he leaves behind the companies he founded and the countless people he has influenced,” he added.
Lachlan Murdoch, co-chairman and CEO of Fox Corp, attends the Allen and Co. Sun Valley annual media conference in Sun Valley, Idaho, United States, July 11, 2019. REUTERS/Brendan McDermid/File
The news comes a few months after Murdoch, 92, scrapped a plan that would have reunified his media empire by merging Fox and News Corp.
Aside from Fox News, Murdoch founded the Fox network, which was the first to challenge the hegemony of the three traditional channels ABC, CBS and NBC. He is also the owner of the Wall Street Journal and the New York Post.
Murdoch is a prominent figure on the American political right, and Fox News Channel has profoundly influenced national politics since it was founded in 1996.
Rupert Murdoch at an event in New York on November 1, 2017. . (Evan Agostini/Invision/AP)
The mogul has recently faced controversy, as Fox Corporation has been embroiled in a $1.6 billion defamation lawsuit brought by Dominion Voting Systems. The tech company has accused Fox News hosts of making false claims about its role in the 2020 election, suggesting it rigged the race in favor of President Joe Biden.
Murdoch is considered a powerful figure in the world of media. Her influence extends far beyond the United States, as News Corporation owns media outlets in Australia, the United Kingdom, and other countries.
