Rupert Murdoch's retirement has paved the way for his older son to take over, but will there be tension from his siblings?
Rupert Murdoch is one of the most successful and prominent media proprietors and publishing legends today. From News Corp to Fox Corporation, he plays diverse roads for a variety of media houses. From being an investor, board member, chairman, director, and owner, he has been integral in shaping news and publishing outlets on a global scale.
But as the saying goes, all things must come to an end. And this is the case with Rupert Murdoch’s illustrious career, which has thrived for over 70 years. The business mogul is finally retiring from his various job roles at the age of 92. Here’s everything you need to know about Murdoch’s retirement, his successor, and his way forward.
Rupert Murdoch’s retirement
Rupert Murdoch, the creator of the Fox News media empire, has decided to retire. Having built the political landscape for various superpower nations around the world through his news channels, the media mogul has decided to step down and pave the way for the younger generation. Despite his retirement, he will still play an emeritus role in the company and will head the family trust that is said to govern both Fox News and News Corp.
Murdoch said the following in a memo sent to his staff.
“The time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies. I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.”
The future of the companies
The role of the chairman will be taken over by Rupert’s son, Lachlan Murdoch. Lachlan will now officially be in charge of the Fox News Channel and The Wall Street Journal in the U.S. and The Times and The Sun in the U.K.
Lachlan, who has similar political views as the parent company, never shies away from right-wing conservative approaches to his work. Murdoch additionally has other heirs to his business, which includes his other children, James, Elisabeth, and Prudence, all of whom might take up other vital company positions in the future.
People are apprehensive about how things will pan out in the company, but the Murdoch family seem pretty confident about this big move. And while Rupert has officially stepped down from his chairman designation, he is confirmed to be overseeing various activities within the company. He said the following.
“Our companies are communities, and I will be an active member of our community.”
The plan will come into action as of November, once the shareholders of each company sign off on the move, as per Variety.
Lachlan’s step up the ladder
Lachlan said the following in an official statement about the future of the company.
“On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career. We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
Lachlan who is currently 52 years old, was groomed into taking over the businesses since he started working in media and publications sectors at 18 years of age. While Lachlan has been deemed the head of the companies, the other Murdoch children also have a joint stake in the company as per The Guardian, which could mean trouble, given the brewing tension between Lachlan and his brother James.
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