Rupert Murdoch, the media mogul who built a global empire that includes Fox News, The Wall Street Journal, and The New York Post, is stepping down from running Fox and News Corp. and is handing the reins to his son Lachlan.

The announcement was made on September 21, 2023, and it marks the end of an era for Murdoch, who has been one of the most powerful and influential figures in the media industry for decades.

Murdoch, 92, is stepping down as chairman of Fox and News Corp., but he will remain a shareholder in both companies. He will also remain the executive chairman of News Corp.’s parent company, News Corp.

Lachlan Murdoch, 51, is currently the co-chairman of Fox and the executive chairman of News Corp. He will now become the chairman of both companies.

Lachlan Murdoch is seen as the heir apparent to his father, and he is expected to continue running Fox and News Corp. in much the same way as his father has. However, it is possible that he will make some changes, such as putting more emphasis on digital media.

The transition to Lachlan Murdoch is likely to be smooth, as he has been working closely with his father for many years. However, it remains to be seen how he will handle the challenges facing Fox and News Corp., such as the decline of cable television and the rise of digital media.

Murdoch’s decision to step down is not a surprise. He has been talking about retiring for several years now, and he has been gradually handing over more and more responsibility to Lachlan in recent years.

Murdoch’s legacy is complex. He is credited with revolutionizing the media industry, but he has also been criticized for his conservative political views and his willingness to use his media outlets to promote his own agenda.

It remains to be seen how Lachlan Murdoch will lead Fox and News Corp. into the future. However, it is clear that he is taking over the companies at a time when they are facing a number of challenges.

Source: with agencies