Rupert Murdoch is resigning his position as head of News Corp. and Fox Corp. This news comes as the 92-year-old mogul's conglomerate, including Fox News, ramps up for the 2024 electoral season. In the early part of this year, Fox shelled out $787.5 million to settle accusations of defamation leveled at them by Dominion, a voting technology business.
Rupert Murdoch is stepping down as chairman of both Fox Corp. and News Corp., the companies announced Thursday. Murdoch, 92, will take on the role of chairman emeritus and Lachlan Murdoch, one of his sons, will become sole chairman of News Corp. and continue as Fox Corp.'s executive chair and CEO.In a note to employees, Murdoch said, "Our companies are in robust health, as am I. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense."Murdoch's departure comes soon after Fox agreed to pay a $787.5 million settlement in the Dominion Voting Systems' defamation lawsuit over false claims that the company's machines swayed the 2020 election between President Joe Biden and Donald Trump.Throughout the past year, Murdoch had worked from his home in Montana and Fox News saw the departure of top talent Tucker Carlson earlier this year, before a dip in ratings as he was replaced.The Australian media mogul has been in the industry for nearly 70 years, beginning in 1954 when he took control of News Limited, owning the second-biggest newspaper in Adelaide, Australia. He built a newspaper empire, reaching racy tabloids in Britain and later the U.S. In the 1980s, he entered the television business and in 1985 bought Marvin Davis' 50% stake in Twentieth Century Fox.In 1996, Fox News Channel was launched and is now a top-rated cable network. Last year, Murdoch had explored reuniting Fox and News Corp., although he later withdrew the proposal. The Murdoch family trust controls roughly 40% of the voting rights of both companies and has amassed a fortune of more than $17 billion as of 2023.Fox, which has a market cap of more than $15.5 billion, is the parent company of right-leaning TV networks Fox News and Fox Business and streamer Tubi. News Corp. has a market cap of more than $11 billion and owns newspapers The Wall Street Journal and New York Post, among other publications.In his note to employees, Murdoch said that he will remain engaged in the contest of ideas and ideas and urged them to make the most of this great opportunity to improve the world. He also highlighted that the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.
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