Bringing an almost seven-decade career to a close, Rupert Murdoch stepped down from his role as chairman of Fox Corp and News Corp. His son Lachlan Murdoch will take over the reins from his father. Lachlan will become the sole chairman of News Corp and continue as the chair and CEO of Fox, according to a report in the Times of India.
In a memo to the staff, 92-year-old Murdoch wrote, “Our companies are in robust health, as am I.”
Earlier this year, he had scrapped a plan to reunite his media empire by merging Fox and News Corp, after top shareholders rejected the proposal on grounds that it would fail to realise the full value of the company, media reports said.
Lachlan taking over the media empire has also put to rest questions of succession within the Murdoch family. Rupert Murdoch, who has near-controlling stakes in Fox and News Corp, will be appointed chairman emeritus of both companies.
Earlier this year, Fox settled a defamation lawsuit with Dominion Voting Systems for $787.5 million, averting a trial in which Murdoch, Lachlan and several Fox executives were expected to testify, according to a report by Reuters.
The company still faces a lawsuit from voting technology firm Smartmatic, which sued Fox for $2.7 billion in 2021, as well as shareholder lawsuits accusing Fox Corp officers and directors of breaching their duties by allowing the company to become mired in defamation claims, the report said.
Besides Fox News, Murdoch started the Fox broadcast network, and owns The Wall Street Journal and the New York Post.
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