Media Mogul Rupert Murdoch, Head of Fox Corporation and News Corp. is Stepping Down

Author Hudson Institute Wikimedia

Billionaire media mogul Rupert Murdoch is stepping down as chairman of Fox Corp. and News Corp., effective mid-November. Lachlan Murdoch, the eldest son of Rupert Murdoch and now the CEO of Fox Corporation, will take over as the sole chairman of both businesses.

Rupert Murdoch, the iconic media mogul who has shaped the global media landscape for decades. This historic development marks the end of an era and raises questions about the future direction of these media giants. Only a select few Republicans can equal Murdoch’s decades-long dominance in the Republican Party. While Rupert Murdoch’s influence on the media landscape cannot be denied, it is a legacy that has often been a source of controversy. Critics have accused him of using his media outlets to promote his political views and sway public opinion. His approach to journalism has sparked numerous debates about the role of media in shaping public perception and influencing political discourse.

Murdoch, who is 92, wrote a memo to employees and said, “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.” “But the time is right for me to take on different roles, knowing that we have truly talented teams.”

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Fox Corporation, originally 21st Century Fox, includes, among other things, 20th Century Studios, Fox News, and Fox Sports. Fox Corp. sold its entertainment assets to Disney for $71 billion in 2019. The business flourished under Murdoch’s direction and rose to prominence in the cable news and entertainment industries. Particularly Fox News, which established itself as a powerful conservative voice in the business, played a significant influence in reshaping the American media landscape.

Murdoch’s media conglomerate also includes News Corporation, which is the parent company of several publications, including The Wall Street Journal, The Times, and The Australian. Murdoch had a global impact on the newspaper business since his publications were read by people all over the world.

According to the Fox Corporation, Murdoch founded Australia’s first national newspaper about ten years after receiving his father’s local newspaper from Adelaide, Australia, in 1952.

In the late 1960s, he went on to acquire the UK-based News of the World and The Sun, and shortly after that, he expanded his media empire to the United States by purchasing the New York Post, New York Magazine, and The Village Voice.

He made a significant investment in film and television in 1985 when he bought 21st Century Fox and a number of local TV stations across the country. The Fox Television Group was established the next year, and ten years later, the business introduced Fox News, according to the Fox Corporation.

The selection of the ideal leadership to continue Rupert Murdoch’s legacy will be one of the main difficulties for Fox Corporation and News Corporation. His family has contributed significantly to the business; therefore, the decision of his successor will be severely scrutinized. It remains to be seen whether the new leadership adheres to the conventional principles and tactics of the Murdoch era or chooses a different course.

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