Rupert Murdoch to step down as chairman of Fox Corporation and News Corp

Rupert Murdoch is stepping down from his role as chairman of Fox Corporation and News Corp, the companies announced on Thursday.

Rupert Murdoch (photo: Eva Rinaldi via CC)

The 92-year-old will transition to a new role as chairman emeritus of both companies, effective from November.

His son Lachlan Murdoch will become the sole chairman of News Corp while retaining his position as executive chair and CEO of Fox Corp, which is the parent company of Fox Entertainment.

“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, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole chairman of both companies,” said Rupert Murdoch in a statement, adding later that “our companies are in robust health, as am I.”

He went on to say that he will remain “involved every day in the contest of ideas” and that the “battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”

Murdoch’s decision to step down from the chairman roles comes a year ahead of the next US presidential election.

It has also been a somewhat chaotic year for the company and its leadership after it agreed to pay a US$787m settlement to Dominion Voting Systems following allegations that Fox News stars defamed the election tech company with claims it swayed the 2020 election.

Fox News’s biggest presenter, Tucker Carlson, also left the network earlier this year.

Murdoch added: “I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas and advice. When I visit your countries and companies, you can expect to see me in the office late on a Friday afternoon.”