Current:Home > FinanceRupert Murdoch steps down as chairman of Fox and News Corp; son Lachlan takes over -Quantum Capital Pro
Rupert Murdoch steps down as chairman of Fox and News Corp; son Lachlan takes over
View
Date:2025-04-14 00:18:38
Rupert Murdoch is stepping down from his roles as chair of Fox Corporation and executive chairman of News Corp, he announced Thursday in a letter.
Murdoch, 92, is transitioning to the title of chairman emeritus and said he was in good health. He will officially make the transition in November. His son, Lachlan, is set to become the sole chairman of both companies.
"For my entire professional life, I have been engaged daily with news and ideas, and that will not change," Murdoch wrote in the letter, while noting that the time is right for him to take on different roles.
"Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me," he said.
Lachlan Murdoch released a letter congratulating and thanking his father.
"On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career," he said in the letter.
"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted."
70-year career ends after Dominion settlement, Tucker Carlson departure
Murdoch steps down after a tumultuous period for Fox's TV network.
The company earlier this year settled the defamation lawsuit with Dominion Voting Systems for $787.5 million right as the case was about to go to trial. Dominion sued Fox News and its parent corporation in 2021, claiming the network knowingly broadcast lies about the 2020 election.
A week after the settlement was agreed to, the network and top talent Tucker Carlson agreed to part ways.
Previously:Fox News and Dominion reach $787.5M settlement just before defamation trial was set to begin
Previously:Tucker Carlson leaves Fox News in wake of Dominion Voting Systems lawsuit
Murdoch served as executive chairman of 21st Century Fox from 2015 to the closing of the merger between the company and The Walt Disney Company in March 2019, according to Fox's website.
Before that, he served as CEO of 21st Century Fox from its inception as News Corp in 1979 until 2015, and as its chairman from 1991 to 2015.
veryGood! (375)
Related
- US appeals court rejects Nasdaq’s diversity rules for company boards
- Tribes Sue to Halt Trump Plan for Channeling Emergency Funds to Alaska Native Corporations
- Here’s What Sarah Jessica Parker and Matthew Broderick’s Teenage Daughters Are Really Like
- In big win for Tesla, more car companies plan to use its supercharging network
- North Carolina justices rule for restaurants in COVID
- New Details About Pregnant Tori Bowie's Final Moments Revealed
- Fiancée speaks out after ex-boyfriend shoots and kills her husband-to-be: My whole world was taken away
- Banks’ Vows to Restrict Loans for Arctic Oil and Gas Development May Be Largely Symbolic
- Intel's stock did something it hasn't done since 2022
- Massachusetts lawmakers target affirmative action for the wealthy
Ranking
- Military service academies see drop in reported sexual assaults after alarming surge
- Russia's economy is still working but sanctions are starting to have an effect
- Contact lens maker faces lawsuit after woman said the product resulted in her losing an eye
- Lily-Rose Depp Reaches New Milestone With Love of My Life 070 Shake
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- How 2% became the target for inflation
- Was your flight to Europe delayed? You might be owed up to $700.
- New York bans pet stores from selling cats, dogs and rabbits
Recommendation
Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
Ben Stiller and Christine Taylor Make Rare Red Carpet Appearance With 21-Year-Old Daughter Ella
Greenhouse Gas Emissions Plunge in Response to Coronavirus Pandemic
Sam Bankman-Fried to be released on $250 million bail into parents' custody
Travis Hunter, the 2
People in Lebanon are robbing banks and staging sit-ins to access their own savings
Tamra Judge Wore This Viral Lululemon Belt Bag on Real Housewives of Orange County
16 Amazon Beach Day Essentials For the Best Hassle-Free Summer Vacay