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Rupert Murdoch is stepping down as chair of Fox and News Corp, after building a media empire over seven decades that revolutionized news and entertainment and made him one of the world’s most influential and controversial tycoons.
Murdoch, 92 years old, will exit his roles atop each company as of November, when they hold annual meetings, the companies said. He will be appointed chairman emeritus of each company. His eldest son, Lachlan Murdoch, who has served as co-chair of News Corp, will become sole chair of that company and will continue as executive chair and CEO.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles,” Rupert Murdoch wrote in a memo to staff.
His decision to step back solidifies Lachlan Murdoch as his successor. He called Lachlan a “passionate, principled leader” who can take the companies into the future.