Media magnate Rupert Murdoch is stepping down as chairman of News Corp. and Fox Corp., the companies that he built into forces over the last 50 years.
FILE - Rupert Murdoch attends the WSJ. Magazine 2017 Innovator Awards at The Museum of Modern Art in New York on Nov. 1, 2017. Murdoch is stepping down at Fox and News Corp, son Lachlan will take over as chairman. – Rupert Murdoch, the 92-year-old media magnate who created Fox News, is stepping down as leader of both Fox's parent company and his News Corp. media holdings.
Fox said in an announcement on Thursday that Murdoch would become chairman emeritus of both companies. His son, Lachlan, will become News Corp. chairman and continue as chief executive officer of Fox Corp. Lachlan Murdoch said that “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”
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