Australian-born American billionaire Rupert Mudoch has ended his over-70-year career in media. As the chairman of Fox Corp. and News Corp., the business magnate has stepped down. Murdoch created a business empire that extends across the United States and Australia.
On Thursday, the company issued a statement saying that Murdoch’s son, Lachlan Murdoch, will take over as sole chairman of News Corp. and continue as the chair and CEO of Fox.
Lachlan, 52, said in a statement, “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 the countless people he has impacted.”
92-year-old Murdoch, who will now serve as chairman emeritus of both Fox and News Corp., reported in a note to his staff, saying, “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.”