News media tycoon Rupert Murdoch steps down as chairman

Rupert Murdoch, chairman of Fox Corporation and News Corporation, announced his decision to step down from his role and have his eldest son take over both businesses.

The powerful right-wing media tycoon Rupert Murdoch, who founded and managed one of the most significant news empires in the world, said on Thursday that he intends to step down as chairman of his firms, Fox Corporation and News Corporation.

Murdoch has held significant power in the Republican Party for a decade as the head of Fox and News Corporation, which publishes prominent broadsheets like The Wall Street Journal and the tabloid New York Post. This influence is unmatched by many others.

His resignation comes at a critical juncture for the media industry as long-standing entertainment behemoths deal with a radical change in the traditional television and film industries and customers quickly switch to streaming services.

Just as the 2024 presidential election are heating up, Murdoch's decision to step aside as chairman of his enterprises will cause shockwaves throughout the political world. After the 2020 election, Fox News continued to promote the lies of the former president Donald Trump, which led to the network being sued.

Rupert Murdoch’s eldest son, Lachlan Murdoch, now the CEO of Fox Corporation, will take over both businesses as the sole chairman.

Lachlan was referred to by Murdoch as "a passionate, principled leader." Although Rupert gave the impression that Lachlan would continue the right-wing editorial slant his media firms are known for, it is uncertain how Fox will go under the leadership of Lachlan.