Business magnate Rupert Murdoch is stepping down as chairman of Fox Corp and News Corp, ending a decadeslong reign that will be passed onto his son, the companies announced on Thursday.
The transition to Lachlan Murdoch’s leadership as sole chair of News Corp will be effective in mid-November. He will continue to serve as executive chair and chief executive officer of Fox Corp, Fox News Corp said. Rupert Murdoch, 92, will serve as chairman emeritus.
His oldest son Lachlan Murdoch, 52, has served with his father as co-chairman of News Corp since 2014 and as chairman and CEO of Fox Corp since its incorporation in 2019.
“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,” Lachlan Murdoch said in a statement. “We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
Rupert Murdoch, who was born in Australia but is now a US citizen, also announced his decision in a letter to colleagues on Thursday. In addition to expressing gratitude, he said that he is in good health and plans to stay professionally active.
“We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them,” he wrote, according to Fox News. “In my new role, I can guarantee you that I will be involved every day in the contest of ideas.”
Fox Corp’s brands include Fox News Media, Fox Sports, Fox Entertainment, Fox Television Stations and Tubi Media Group. News Corps is composed of media businesses that primarily operate in the US, Australia and the United Kingdom.
This is a developing story. Check back for updates.