Murdoch – controlled media shaped the opinions of millions but in the 21st century his “conservatism” was ultimately a rearguard action.
STEPPING DOWN…
Rupert Murdoch, the longstanding leader of News Corp. and Fox, has announced his decision to step down as chairman, assuming the title of chairman emeritus, marking the culmination of an illustrious seven-decade career. His journey has been characterized by the creation of a media empire that spanned cable television to tabloid newspapers, solidifying his status as one of the globe’s most influential media moguls. In a recent announcement, Fox revealed that Lachlan Murdoch, Rupert Murdoch’s eldest son, will ascend to the role of sole chair of News Corp. Lachlan will also continue in his capacities as an executive and CEO of Fox Corp. The official transition to Rupert Murdoch’s new position is slated to occur during the upcoming shareholder meetings of both companies, scheduled for mid-November.
Rupert Murdoch’s exit at the age of 92 comes at a time when the media industry confronts a myriad of challenges. These include the repercussions stemming from a high-stakes legal trial, involving a nearly $800 million settlement, resulting from a defamation lawsuit. The lawsuit was triggered by Fox News’ broadcast of unsubstantiated allegations that Dominion Voting Systems equipment played a role in manipulating the 2020 presidential election. Murdoch’s legacy is firmly etched as one of the preeminent media executives of the past fifty years. He meticulously constructed an expansive network encompassing tabloids, cable and broadcast television, and a trove of entertainment assets, many of which were recognized for their promotion of conservative ideologies. Furthermore, he ranks among the world’s wealthiest media magnates, boasting a net worth of $8.3 billion, as reported by the Bloomberg Billionaires Index.
… BUT NOT RETIRING
Lachlan Murdoch has affirmed that his father will maintain an advisory role within both companies, stating, “He will continue to offer valuable guidance to both organizations.” Expressing gratitude, Lachlan acknowledged his father’s visionary leadership, pioneering spirit, unwavering determination, and the indelible legacy he imparts upon the companies he established and the countless individuals he has influenced.
With Rupert Murdoch transitioning away from an active leadership role, Lachlan Murdoch’s position as his father’s successor is now firmly established. In this capacity, he will assume responsibility for overseeing a diverse portfolio, including tabloids such as the New York Post, as well as the influential media outlets of Fox News and Fox Entertainment.
