The sulphurous 92-year-old media mogul is handing over the management of his News Corp and Fox Corporation groups, which include the Times and Wall Street Journal newspapers and the Fox News channel, to his son Lachlan. The transfer will take effect at the next Annual General Meeting, scheduled for November.
The announcement appeared on September 21 in a press release from both companies, and was read on air by the anchor on the Fox News channel.
The end of an era for the media
The announcement came yesterday, Thursday: after 70 years of undivided reign in the world of Anglo-Saxon news, Rupert Murdoch appears to be entering an unexpected retirement.
He is stepping down as Chairman of Fox Corp and News Corp.
Aged 92, the media magnate is handing over the running of his empire to Lachlan, his eldest son from a second marriage, aged 52.
Lachlan, already chairman of Fox Corp, has recently emerged as the favorite of his four children (Elisabeth, James and Prudence), who have voting rights in the family holding company. In fact, Rupert also has two other daughters, aged 20 but without voting rights at the Annual General Meeting.
Untiring as he is, Rupert is not stepping down altogether, and retains the title of Honorary Chairman.
This decision will take effect at the next Annual General Meeting, scheduled for mid-November.
A truncated empire
At its peak, Rupert Murdoch’s empire was present in both the entertainment and information sectors, with 160 press titles worldwide, compared with 121 today.
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Front page photo: Getty Images