Updated Sep 21, 2023 - Economy

Rupert Murdoch stepping down as chairman of Fox Corp. and News Corp.

Rupert Murdoch

Rupert Murdoch at the Four Seasons Hotel in Washington, D.C., on Nov. 19, 2013. Photo: Drew Angerer/Bloomberg via Getty Images

Billionaire media mogul Rupert Murdoch is stepping down as chairman of Fox Corp. and News Corp., effective mid-November, he announced Thursday.

Why it matters: Murdoch, 92, is considered one of the most influential media figures in the modern era.

  • His son, Lachlan Murdoch, will replace him as chair of both firms.
  • Rupert Murdoch will be appointed chair emeritus of both companies.

Details: In a note to staff, Murdoch said, "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, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies."

The big picture: Murdoch steps down at a time of major transition.

  • Fox Corp. sold its entertainment assets to Disney for $71 billion in 2019, leaving it mostly focused on live television news and sports, as the cable industry continues to face record cord-cutting.
  • News Corp's business has expanded in recent years to include more business data and services. Its publishing business faces a looming threat from artificial intelligence.
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