Media titan Rupert Murdoch steps down, passing the torch to son Lachlan | Marca
Rupert Murdoch, the 92-year-old media tycoon, has announced his decision to step down as the chair of his vast global media empire, encompassing entities like Fox News and The Wall Street Journal. This move marks the end of his seven-decade-long journey, during which he transformed a single Australian newspaper into a sprawling media conglomerate. In a memo to employees, Murdoch emphasized that he would remain actively engaged in news and ideas despite stepping away from his leadership roles.
Murdoch’s career has been characterized by a relentless pursuit of business success, a desire to influence elections and policies, and a series of controversies. Fox News, founded by Murdoch in 1996, played a significant role in his influence and profits.
His elder son, Lachlan Murdoch, will take over as the sole chairman of both Fox Corp. and News Corp., while Rupert Murdoch will assume the role of chairman emeritus. These changes are set to take effect in November, impacting companies with a combined worth of approximately $26.5 billion.
Rupert Murdoch’s media empire spanned across Australia, the U.K., and the U.S., with a mix of tabloids and prestigious newspapers. His influence on politics varied by region, with a more pronounced presence in the Republican Party in the U.S. Over the years, his media outlets courted controversy, from sensationalized tabloid coverage to high-profile scandals.
One of the most significant recent controversies involved Fox News’ promotion of discredited claims of fraud in the 2020 presidential election, resulting in a $787.5 million settlement with Dominion Voting Systems. Despite stepping down, Murdoch intends to stay engaged in the media landscape, indicating a continued presence in the contest of ideas.
Overall, Rupert Murdoch’s departure from his media empire marks the end of an era, leaving questions about the future direction of his family’s media holdings.
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