Murdoch steps down Rupert Murdoch

NEW YORK- Rupert Murdoch has stepped down as the chairman of Fox Corp and News Corp, ending a more than seven-decade career during which he created a media empire spanning from Australia to the United States.

His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said yesterday.

The transition solidifies Lachlan’s role as the leader of the media empire, putting to rest questions of succession within the Murdoch family.

In a memo to staff Thursday, Murdoch wrote: “Our companies are in robust health, as am I.”

The executive transition coincides with the annual meeting of shareholders for Fox and News Corp in mid-November.

It also comes just months after Murdoch, 92, scrapped a plan that would have reunited his media empire by merging Fox and News Corp, after several top shareholders rejected the proposal on the grounds that it would fail to realise the full value of the company.

Murdoch, who has near-controlling stakes in both companies, will be appointed chairman emeritus of both the companies. –  Reuters

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