Name: Rupert Murdoch Steps Down as Chair of Fox, News Corp After Seven-Decade Career
Uploaded: 2023-09-21T22:25:00Z
Duration: 3 min 15 s
Description: Rupert Murdoch is exiting his roles atop Fox and News Corp after a seven-decade career. His eldest son, Lachlan Murdoch, will become sole chair of News Corp and continue as executive chair and CEO of Fox. WSJ’s Joe Flint explains. Photo: Roger Ressmeyer/CORBIS/VCG/Getty Images

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Rupert Murdoch is exiting his roles atop Fox and News Corp after a seven-decade career. His eldest son, Lachlan Murdoch, will become sole chair of News Corp and continue as executive chair and CEO of Fox. WSJ’s Joe Flint explains. Photo: Roger Ressmeyer/CORBIS/VCG/Getty Images

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Rupert Murdoch Steps Down as Chair of Fox, News Corp After Seven-Decade Career

Reporter: Rupert Murdoch is stepping down as chair of Fox and News Corp. The company said the 92-year-old media baron would exit his roles when they hold annual meetings in November. In a memo to staff Murdoch wrote, "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."

The one word that does not appear in either the announcement or in Rupert's memo to staff is the R word, retirement. People who talk to him say he still is active and engaged and curious as ever. So it'll be interesting to see just how much he is able to take his hands off the steering wheel.

Reporter: His eldest son, Lachlan Murdoch, will become the sole chair of News Corp and continue as executive chair and CEO of Fox. Murdoch called his son "a passionate, principled leader "who can take the companies into the future."

I think this is a big deal for Lachlan. Obviously, he's well versed in all the companies, but now at least officially on those boards, he's the chair of both, and there is not a large shadow over him. He'll be the one in theory sitting at the corner seat.

Reporter: Rupert Murdoch built his media empire over seven decades, changing news and entertainment as one of the world's most influential and controversial figures.

What keeps you at it?

I just love it. No, I have busy, very busy days and it keeps me stimulated, keeps me curious. That's the way to stay young.

Reporter: He inherited a small Australian newspaper business.

I love it. I'm romantic about newspapers.

Reporter: And built it into a colossus. He acquired the "News of the World," "The Sun," "The Times of London," and the "New York Post". He later launched the Fox Network, which broke through with franchises like "The Simpsons" and NFL football and reshaped US cable news with "Fox News."

We can firmly announce the starting of a Fox News Channel.

Reporter: In 2007, Murdoch sealed the deal to buy the "Wall Street Journal" publisher, Dow Jones, for $5 billion.

Joe: Rupert is a very obviously polarizing figure to many people with the views of the editorial pages of both the newspapers he owns and the cable channels he runs. He mingles among world leaders, has an influence far beyond just his media companies.

Reporter: Murdoch continues to be a major shareholder in both Fox and News Corp.

I've been covering this company too long to be surprised by anything or to look at anything as written in stone. Rupert Murdoch has built an empire that is constantly changing, constantly moving parts around, both in terms of the companies he owns, sells, acquires, and the people running it. Often they're like pieces on a chessboard. At this moment, the only other Murdoch inside the empire with his hands in both companies is Lachlan Murdoch. But this is a long game and so we will see ultimately how this all shakes out.

Rupert Murdoch Steps Down as Chair of Fox, News Corp

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