Rupert Murdoch, aged 92, is set to retire from his role as chairman of the board at both Fox Corp. and News Corp., with the transition officially taking place in November. Following his retirement, Murdoch will assume the honorary title of chairman emeritus for both companies. His son, Lachlan Murdoch, will step into the role of sole chairman at News Corp. while retaining his position as the executive chair and CEO of Fox Corp.
Rupert Murdoch is stepping down from his board positions in the wake of a turbulent year at Fox’s TV network, notably after the company agreed to a hefty $787.5 million settlement in the Dominion Voting Systems’ defamation lawsuit. This lawsuit stemmed from false claims that Fox’s machines influenced the 2020 election.
Murdoch’s involvement with Fox News had been under scrutiny in the lead-up to the Dominion settlement. In a deposition for the lawsuit, he acknowledged that some of the network’s anchors had echoed untrue claims following the election.
Before the settlement, Dominion had called for Murdoch, his son, and other prominent figures at Fox to testify if the case went to trial. Fox had initially opposed Rupert Murdoch’s in-person appearance, citing his age. However, this argument was rejected by a Delaware judge, who noted that Fox couldn’t claim hardship given Murdoch’s previous engagement that had been canceled and his publicly discussed travel plans.
Since July 2022, Murdoch had been working from his Montana home instead of going to Fox or News Corp. offices, as indicated in a securities filing.
Fox News had also faced the departure of key talent like Tucker Carlson earlier in the year, which led to a temporary drop in ratings before his replacement.
Murdoch’s exit comes a year before the upcoming U.S. presidential election. News Corp. owns publications like The Wall Street Journal and New York Post, while Fox is the parent company of right-leaning TV networks Fox News and Fox Business.
Rupert Murdoch’s journey in the media industry began nearly seven decades ago in 1954 when he assumed control of News Ltd., which owned Adelaide, Australia’s second-largest newspaper. His father had been a war correspondent and regional newspaper owner. From there, he expanded his newspaper empire, including the acquisition of tabloids in Britain and later the United States.