Rupert Murdoch is stepping down as chairman of Fox and News Corp. after seven decades, and will take on the role of chairman emeritus.
Lachlan Murdoch, Rupert Murdoch’s eldest son, will become the sole chair of News Corp. and continue as executive and CEO of Fox Corp. Until today’s announcement, Lachlan Murdoch had served as the executive chair of Fox Corporation and Nova Entertainment. Rupert Murdoch will take on his new role mid-November.
The Australian media mogul got his start in the industry in 1954. He started in newspapers and in the 1980s entered the television business. The Fox News network was launched in 1996.
In the statement, Lachlan Murdoch said his father would “continue to provide valued counsel to both companies.”
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