Rupert Murdoch is probably the most famous man associated with the world of media. The market tycoon has just announced that he intends to step down from his position.
Rupert Murdoch says stop. At the age of 92, the tycoon of the American media market decided to give up the reins of his empire.
Rupert Murdoch is retiring
Rupert Murdoch’s place as president of Fox and News, i.e. companies from his group that were created on the basis of the Fox News station founded by the billionaire in 1996. It is currently the most watched television news network in the United States.
The current president, at the age of 92, decided that it was “high time” to take on a different role. Murdoch confirmed that he would step down as chairman of both companies in mid-November. From then on, he will serve as honorary president, whose role will be to advise the new boss.
The new president of the Murdoch empire
The new role will be especially important because Rupert Murdoch’s son, Lachlan, will become the president of Fox and News. The younger Murdoch will have to decide whether to challenge the move of his father, who just a few months ago resigned from merging two media companies into one giant.
Our company is in great shape, and so am I. We have every reason to remain optimistic for the years to come. I am and I intend to take part in the upcoming plans, wrote Rupert Murdoch in an official letter announcing his decision.
Lachlan will also have to deal with another problem. The CEO change comes at a difficult time for Fox News, which in April agreed to pay $787.5 million in compensation to Dominion for misreporting the results of the 2020 presidential election.
The idea was to suggest that the company’s machines incorrectly counted votes cast by Americans. During the trial, it turned out that the media accusations were groundless.