The move will become official in November. Murdoch will become chairman emeritus for each company. He is 92 years old. Lachlan Murdoch will be the sole chairman of News Corp. and continue to be Fox Corp.’s executive chair. “Our companies are in robust health, as am I,” the elder Murdoch said in a note to employees. The battle for freedom of speech, and ultimately freedom of thought has never been fiercer. “
Murdoch is stepping away from the boards after a tumultuous year at Fox’s TV network, soon after the company agreed to pay a $787.5 million settlement in the Dominion Voting Systems’ defamation lawsuit over false claims that the company’s machines swayed the 2020 election between President Joe Biden and Donald Trump.Fox News also saw top talent Tucker Carlson exit earlier this year, followed by a dip in ratings for a period before he was replaced.His move also comes a year ahead of the upcoming presidential election in the U.S. News Corp. owns newspaper The Wall Street Journal, among other publications, while Fox is the parent company of right-leaning TV networks Fox News and Fox Business.“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch said in his note to employees, adding it was time for him to take on different roles.Read Murdoch’s full note to employees:
I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News. My entire professional career has been spent with daily news and ideas. That will not change. But 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.
Neither excessive pride nor false humility are admirable qualities. I am proud of the collective achievements we’ve made over the years. I owe a lot to my colleagues whose contributions have often been unnoticed outside the company, but which I deeply appreciate. Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication.
Our companies are in robust health, as am I. Our commercial challenges are far outweighed by our opportunities. We have good reason to be hopeful about the future – and I am. I plan to be there to take part in it. The battle for freedom of speech, and ultimately freedom of thought has never been fiercer. Bureaucracies that are self-serving try to silence anyone who questions their origin and purpose. Elites show open contempt towards those who do not belong to their exclusive class. The media, in general, is working in concert with these elites to peddle political narratives instead of pursuing the truth. I will actively participate in the communities that our companies form. I will watch our broadcasts and read our books, websites, newspapers, with great interest. I will also reach out to you and share my thoughts, ideas and advice. You can expect me to be in the office on Friday afternoons late when I visit your companies and countries.
I am looking forward to meeting you wherever you are and whatever you do. Please take advantage of this opportunity to change the world in which we live. Please check back to see updates.