Rupert Murdoch is resign as chairman of Fox and News Corp, after building a media empire over seven decades that revolutionized news and entertainment and made him one of the world’s most influential and controversial moguls. WSJ: Murdoch, 92, will step down as head of each company starting in November at annual meetings, the companies said. He will be named president emeritus of each company. His eldest son, Lachlan Murdoch, who served as co-chairman of News Corp, will become that company’s sole chairman and remain executive chairman and CEO of Fox Corp. “Throughout my professional life, I have been confronted with news and ideas every day, and that will not change. But the time has come for me to take on different roles,” Rupert Murdoch wrote in a memo addressed to staff.
His decision to step down cements Lachlan Murdoch as his successor. He called Lachlan a “passionate and principled leader” who can propel businesses into the future. Murdoch is one of a handful of media barons, alongside John Malone, Ted Turner and Sumner Redstone, who shaped the modern era of media. He wielded influence in political and financial capitals, earning the credit of his supporters and the blame of his detractors. Murdoch remained active in his later years, pursuing large contracts to reshape his businesses. Murdoch is stepping back at an important time for both wings of his media empire, as they face fundamental challenges in the media landscape. Fox, a relatively small player in an entertainment industry now dominated by titans, is grappling with the profound implications of cable removal and the growth of streaming. News Corp, owner of the Wall Street Journal, The Times of London and other publications, is trying to find the right formula for digital growth amid a fierce battle for subscribers and online advertising dollars.