Lachlan Murdoch, one of his sons, will become sole chairman of News Corp and will continue as Fox Corp.’s executive chair and CEO
Rupert Murdoch Stepping Down, Hands Fox and News Corp. to Son Lachlan
Breitbart News reports:
Australian-born media titan Rupert Murdoch is stepping down as chairman of the board of both Fox Corp. and News Corp. the company said on Thursday.
The move will be official in November, CNBC reports, thus bringing to an end a media journey that began in 1952 when Murdoch took over the running of The News, a small Adelaide newspaper in South Australia owned by his late father, Sir Keith Murdoch, one of Australia’s most distinguished newspapermen.
Murdoch, 92, will be appointed chairman emeritus of each company and a network of media assets spread across four continents. Lachlan Murdoch, one of his sons, will become sole chairman of News Corp and will continue as Fox Corp.’s executive chair and CEO.
The Murdoch family’s net worth is currently estimated to be $17.4bn by Forbes magazine.