Rupert Murdoch stepping down as chairman of Fox, News Corp.
Rupert Murdoch, the media tycoon said on Monday that he was stepping down as CEO of both Fox News’ parent business and his News Corp media holdings, with his son, Lachlan, planned to take his place.
History of becoming the Media King
Murdoch, 92, amassed a multibillion-dollar empire over the course of his decades-long career, beginning with his father’s newspaper in Adelaide, Australia. In the United States, his founding of Fox News has had an enormous influence on American politics, making Murdoch a hero for some and a pariah to others.
In the late 1960s, he obtained the UK-based News of the World and The Sun, soon after, he expanded his media empire to the US with acquisitions of the New York Post, New York Magazine, and The Village Voice.
In 1985, he made an enormous investment in television and film production by buying 21st Century Fox as well as a number of regional television stations in the United States. The Fox Television Group was formed the next year, while Fox News debuted a decade later, according to the Fox Corporation.In 2019, Fox Corporation went public. The sale of 21st Century Fox to Disney, the parent firm of ABC News, took place the same year.
Family and Children
He has been married four times and has six children with three of his spouses. Murdoch’s family has also come into the spotlight throughout the years, accompanied by accusations of nasty business methods and inter-family conflicts. Murdoch and his family, particularly his children James, Lachlan, Elisabeth, and Prudence, were reported to be the driving force for the HBO drama “Succession.”
Who is Lachlan Murdoch?
Murdoch’s son with his 2nd wife, Anna, is Lachlan Murdoch. With his father stepping down, Lachlan is set to become News Corp. chairman and continue as CEO of Fox Corp., which owns Fox News, the Fox broadcast and sports networks, and local TV stations.
Lachlan has been the CEO of Fox Corporation since 2019, following Disney’s purchase of 21st Century Fox. Prior to the merger, he was executive chairman of 21st Century Fox, beginning in 2015, while his brother, James, was CEO of Fox’s then-entertainment division, in what analysts described as a competitive power-share devised by their father.
