Rupert Murdoch, whose sheer force of will allowed him to build a media empire that influenced the course of national politics in the U.S., U.K. and Australia, will step down as the titular head of the companies he controls, Fox Corp. and News Corp.– a move that could raise new questions about the fates of both assets.
Lachlan Murdoch, his son, will take over the chairman role at both companies, which between them operate Fox News Channel and The Wall Street Journal in the U.S. and The Times and The Sun in the U.K. Rupert, who is 92 years old, will shift into an emeritus role. The moves are expected to be approved in mid-November by the shareholders of each company. The elder Murdoch would appear to still control the family trust that governs both companies.
“On behalf of the Fox and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch in a statement. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
Continue here: Variety
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