Rupert Murdoch, the media mogul who built a global news empire, stepped down as chairman of Fox Corporation and News Corporation on September 21, 2023. The move, which comes just months after Murdoch abandoned a plan to merge the two companies, marks the end of an era in the media industry.
Murdoch, 92, is one of the most influential media figures in history. He founded News Corp in 1979 and Fox Broadcasting Company in 1986. Over the years, he has acquired newspapers, magazines, and television stations around the world. His media empire includes Fox News, The Wall Street Journal, and the New York Post.
Murdoch has been a controversial figure throughout his career. He has been accused of using his media outlets to promote his own political agenda and of being willing to sacrifice journalistic integrity in the pursuit of profits. However, he is also widely admired for his business acumen and his ability to build a successful media empire.
In his memo to employees announcing his resignation, Murdoch said that the time was right for him to take on different roles. He praised his son, Lachlan Murdoch, who will succeed him as chairman of both companies, and said he was confident that Fox and News Corp would continue to thrive under his leadership.
Murdoch’s departure from Fox and News Corp comes at a time of great upheaval in the media industry. Traditional news outlets are struggling to adapt to the rise of digital media and social media. Fox News, in particular, has been facing scrutiny for its role in spreading misinformation about the 2020 election.
It remains to be seen how Murdoch’s departure will affect Fox and News Corp. However, there is no doubt that he is leaving a lasting legacy on the media industry.
What does Murdoch’s departure mean for the future of Fox and News Corp?
Murdoch’s departure leaves a big hole at the top of Fox and News Corp. He has been the driving force behind the companies for decades and has played a key role in their success. It is unclear who will fill the void left by his departure.
Lachlan Murdoch is the heir apparent, but he does not have the same level of experience or expertise as his father. It is also possible that the companies will be sold to a new owner.
Murdoch’s departure also comes at a time when Fox and News Corp are facing a number of challenges. The traditional news industry is struggling to adapt to the rise of digital media and social media. Fox News, in particular, has been facing scrutiny for its role in spreading misinformation about the 2020 election.
It is unclear how Fox and News Corp will fare in the years to come. However, it is clear that Murdoch’s departure marks a significant turning point in the history of the companies.