Tycoon Rupert Murdoch steps down as chairman of Fox and News Corp

The tycoon Rupert Murdoch announced this Thursday that he is retiring from the position of president of the media conglomerate Fox it’s from News Corporationleaving the reins of the business to his son Lachlan.

The 92-year-old Australian-born American will step down in November, when both companies hold their general shareholders’ meeting, a press release from both companies indicates.

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After these general shareholder meetings, Lachlan Murdoch52, will become exclusive president of News Corp. and will continue as executive president and executive director of Fox Corporation.

“On behalf of the FOX and News Corp boards, the leadership teams and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career.,” said Lachlan Murdoch.

He also expressed his gratitude for “his vision, his pioneering spirit, his unwavering determination and the lasting legacy he leaves for the companies he founded and the countless people he impacted.”.

Lachlan Murdoch noted that his father will serve as “chairman emeritus, and we know he will continue to provide valuable advice to both companies”.

After the announcement, the main pages of the network Fox News and in the middle Wall Street Journalboth from News Corp, opened with the news, citing the letter sent by Murdoch to his employees.

“Throughout my professional life I have been involved every day with ideas and news, and that will not change”, guaranteed the tycoon in his message.

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Murdoch also said that “Both companies’ health is as robust as mine”, while also pointing out that it is “optimistic about the coming years“and what plans”participate in this”.

At the time the tycoon’s decision was known, Fox shares fell 1.51%, to US$30.68 per share, and News Corp shares rose 0.66%, to US$19.80.

Murdoch will step down after a series of controversies, one of the most notable being the recent multimillion-dollar settlement to settle a defamation lawsuit against Fox News for accusing the company Domain Voting Systemsthat sells electronic voting machines, of electoral manipulation after the defeat of the donald trump (2017-2021).

Source: Elcomercio

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I am Jack Morton and I work in 24 News Recorder. I mostly cover world news and I have also authored 24 news recorder. I find this work highly interesting and it allows me to keep up with current events happening around the world.