Rupert Murdoch, the 91-year-old media mogul, is stepping down as chair of Fox and News Corp, ending a seven-decade run as one of the world’s most transformative and controversial figures. His eldest son, Lachlan Murdoch, will become the sole chair of both companies.
Murdoch has been a towering figure in the media industry since he founded News Corporation in Australia in 1952. He has built a vast empire of newspapers, television networks, and film studios, including Fox Corporation, The Wall Street Journal, and HarperCollins.
Murdoch is known for his aggressive business tactics and willingness to push journalism’s boundaries. He has been criticized for promoting conservative and populist viewpoints in his media outlets and for using his influence to support politicians who share his views, reported The Guardian.
Despite his critics, Murdoch has also been praised for his business acumen and his ability to spot trends and adapt to change. He is credited with revolutionizing the media industry by creating new formats and platforms for delivering news and entertainment.
Murdoch’s decision to step down as chair of Fox and News Corp marks the end of an era. Lachlan Murdoch, who has been the CEO of Fox Corporation since 2019, is now seen as his successor. Lachlan is seen as a more moderate figure than his father and is expected to take a more conciliatory approach to managing the companies.
It remains to be seen how Rupert Murdoch’s retirement will affect the companies he founded. However, there is no doubt that he has left a lasting mark on the media industry.