Rupert Murdoch announced that he will step down as Chairman of FOX Corporation and FOX News | Media and marketing

Businessman Rupert Murdoch announced, on Thursday (21), that he will step down as chairman of Fox and Fox News. Both positions in his media empire will be held by his eldest son, Lachlan Murdoch.

In a statement, FOX said Murdoch will become chairman emeritus of the companies effective from the next annual general meeting of shareholders in mid-November. (See full text below)

“On behalf of the Fox and News Corp boards, leadership teams and all shareholders who have benefited from their hard work, I congratulate my father on a remarkable 70-year career,” Lachlan Murdoch said in a statement.

Lachlan now leads the news, sports and entertainment portfolio through brands such as FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations and Tubi Media Group.

Rupert Murdoch’s career

Australian Rupert Murdoch, 92 years old, is one of the world’s major media moguls. He has been a businessman in this sector since the 1950s. His father, Keith Murdoch, died in 1952, leaving him the Australian newspaper, The News. On the corporate side he joined the board of News Limited, a public media company that ran Adelaide’s second largest newspaper.

In 1954, he took over News Limited, leading expansion into television. In 1959, he established under the corporate umbrella the Southern Television Corporation, which licensed the city’s first channel, Channel 9 Adelaide.

In the 1960s, News Limited began investing in acquiring other media companies in Australia and also began its international expansion. In 1964, the company created the country’s first national newspaper, The Australian. At the end of the decade, News Limited opened a UK office and bought the News of the World and The Sun.

In the 1970s, the company expanded into the United States by purchasing newspapers in San Antonio. In 1974, Murdoch introduced the tabloid newspaper system to the country, with the launch of The Star newspaper.

The next step, in 1976, was to purchase the New York Post. A year later, it was the turn of New York Magazine and The Village Voice.

In 1980, Murdoch converted News Limited into a holding company, News Corporation. The new company continues the strategy of purchasing competitors to expand the media empire. The main newspaper was the Sunday Times.

In 1981, there was an entry into book publishing, with the purchase of a stake in Collins Publishing. With the acquisition of Harper & Row years later, their merger created HarperCollins in 1990.

But in 1985, News Corporation made one of its most significant expansions, with the acquisition of Twentieth Century Fox Film Corporation. It was Murdoch’s entry as a prominent Hollywood executive.

News Corporation went on to acquire television stations in the USA to create FOX Broadcasting in 1986. From there came legendary productions in television history, such as “The Simpsons”, “Beverly Hills, 90210” and “The X-Files”.

At the end of the decade, Murdoch also led the launch of the UK’s first satellite television channel, Sky. Within this package, Sky News, Europe’s first 24-hour news channel, was also launched. In the 1990s, the company acquired the broadcast rights to the English football league, the English Premier League. The deal led to the creation of Sky Sports.

Obtaining the sports rights inspired Murdoch to replicate this model in the United States. In 1993, FOX Broadcasting acquired the broadcast rights to the following year’s American Football League, NFL. In 1994, Fox Sports debuted.

The 24-hour news model was also brought to the United States. In 1996, Murdoch launched another star of his empire, Fox News. Four years later, the channel took over the leadership of the country’s news service.

The empire split into other newspaper outlets, such as The Times of London and The Wall Street Journal.

Today, Murdoch’s fortune exceeds $17.3 billion, according to Forbes magazine.

Following a career that began nearly 70 years ago in 1954, Fox Corporation (“FOX”) (Nasdaq: FOXA, FOX) and News Corporation (“News Corp”) (Nasdaq: NWS, NWSA; ASX: NWS) today announced… NWSLV) announced that Rupert Murdoch will step down as chairman of the companies’ board of directors effective from each company’s next annual general meeting of shareholders in mid-November.

Mr Murdoch will be appointed honorary chairman of each company. Following the annual general meetings, Lachlan Murdoch will become the sole chairman of News Corp and will continue as CEO and CEO of Fox Corporation.

“On behalf of the FOX and News Corp boards, leadership teams and all shareholders who have benefited from their hard work, I congratulate my father on a remarkable 70-year career,” Lachlan Murdoch said.

“We are grateful for his vision, pioneering spirit, unwavering determination and the lasting legacy he leaves for the companies he founded and the countless people he influenced. We are grateful that he will serve as Chairman Emeritus and know that he will continue to provide valuable counsel to both companies.”