Rupert Murdoch Steps Down From Fox and News Corporation Boards, Leaving Son as Sole Executive

Rupert Murdoch will be stepping down from Fox and News Corporation boards, leaving only his son in charge of the powerful global media empire.

The company announced the development on Thursday morning, and Murdoch will become chairman emeritus of the two firms. The 92-year-old did not intend to step down or even slow down after selling his vast entertainment holdings to the Walt Disney Company.

Rupert Murdoch Steps Down

While the latest decision places the Murdoch family companies more firmly under Lachlan Murdoch's control, there could still be a controversial succession battle that would occur. When the elder Murdoch dies, his four adult children will have to work out his ultimate successor among themselves, based on a plan he put into place nearly two decades ago.

The elder Murdoch clarified what he wanted regardless of his decision to elevate Lachlan to the position that he now holds. Even now, Lachlan said that his father would continue to offer counsel in his emeritus role. As per the New York Times, the elder Murdoch also released his statement, saying that he would do so actively and regularly.

In his statement, Murdoch said they have every reason to be optimistic about the companies' future. He noted that he plans to participate in them and would be watching broadcasts critically and reading newspapers, websites, and books with interest.

The development announcement signaled at least the formal end to an active career in which Murdoch built the most important and politically influential media empire. The companies are infused with a brand of right-wing populism and have amassed the power to shape and, at times, make or break presidents and prime ministers.

Murdoch built his media empire across three continents and helped shift the norms and tastes in journalism, politics, and popular culture throughout the English-speaking world. Many saw the business magnate exhibit described as a pirate's sensibility, and he acted willing to move fast and break things, much earlier than when it was popular.

Massive Global Influence

The 92-year-old said that he had engaged with news and ideas daily for his entire professional life, something that he claims will not change despite stepping down. Murdoch has spent decades in command of considerable influence in the Republican Party, which is matched only by a select few, according to CNN.

Murdoch's decision to step down is expected to send shockwaves through the political world in the United States, particularly with the 2024 presidential race tense. The situation comes as Fox News continues to be ensnared in litigation that stems from the outlet's peddling of former United States President Donald Trump's election lies following the 2020 election.

While Lachlan is set to take his father's role, many see him as less capable of continuing the elder Murdoch's chosen narrative. The 92-year-old business magnate, despite being a multi-billionaire and a member of the most elite super rich, has always considered himself a man of the people, said The Guardian.