(FamilyConservationPAC.com) – The media mogul Rupert Murdoch, born in Australia, said on Thursday that he would be leaving his position as chairman of the boards of Fox Corp. and News Corp.
The move will become official in November, according to CNBC, capping off a career in media that started in 1952 when Murdoch assumed control of The News, a small South Australian newspaper based in Adelaide that belonged to his late father, Sir Keith Murdoch, one of Australia’s most illustrious newspapermen.
The 92-year-old Murdoch will be named chairman emeritus of every business and a network of media outlets spanning four continents.
BREAKING: Rupert Murdoch has stepped down as the chairman of Fox Corp and News Corp. His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox. pic.twitter.com/tHeTHMUJ4b
— NEWSMAX (@NEWSMAX) September 21, 2023
One of his sons, Lachlan Murdoch, will take over as News Corp.’s only chairman while continuing as executive chair and CEO of Fox Corp.
The Forbes magazine has estimated the Murdoch family’s net wealth to be $17.4 billion.
Lachlan was born in 1971, and the Australian Financial Review estimates his net worth to be over $3.3 billion as of 2023.
“Our companies are in robust health, as am I,” the elder Murdoch said in a note to employees and seen by CNBC.
“We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
His father, who owned newspapers in Australia that helped launch Murdoch’s media empire, “firmly believed in freedom,” he says, adding his successor Lachlan “is absolutely committed to the cause.”
“Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose. Elites have open contempt for those who are not members of their rarefied class,” he says.
“Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth.”
“Paradoxically, novelist and Murdoch biography Michael Wolff is releasing a book titled The End of Fox News this week, which predicts what will happen to the network after the patriarch steps down after seven decades in charge,” according to Associated Press.
The plot is very similar to that of the famous television series Succession, which tells the life of a media family.
Having been married four times, Rupert Murdoch’s first three wives gave birth to six children.
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