92-year-old Rupert Murdoch retires to chairman emeritus but remains involved in the contest of ideas.

92-year-old Rupert Murdoch retires to chairman emeritus but remains involved in the contest of ideas.

Rupert Murdoch Steps Down as Fox News Chairman

Rupert Murdoch

In a surprising announcement, media mogul Rupert Murdoch has announced his departure as Chairman of Fox Corp. and Fox News. Murdoch, a legendary figure in the media industry, will take on the role of Chairman Emeritus, while his son, Lachlan Murdoch, will assume the position of Chairman of News Corp. and continue as CEO of Fox Corp.

The announcement comes as a significant development in the history of Fox News, a network that has profoundly shaped television and the nation’s politics since its inception in 1996. Murdoch’s brainchild, Fox News, revolutionized the landscape by bringing the power and energy of political talk radio to the small screen. Within a mere six years, it surpassed the ratings of competitors CNN and MSNBC.

However, it has been a challenging year for Fox News. The network was recently forced to pay a staggering $787 million to settle a defamation lawsuit related to its coverage of false claims following the 2020 presidential election. Shortly after, Fox made headlines again by firing its most popular personality, Tucker Carlson. These setbacks, combined with lawsuits and investor anxiety over the loss of viewers to smaller media outlets, contributed to a decline in the stock of Fox Corp. in early 2022.

Despite the recent challenges, Rupert Murdoch vows to remain engaged with Fox in his new role. In a letter to employees, he expressed his commitment to the company’s community and his determination to be an active member, closely following the broadcasts, newspapers, websites, and books associated with the media empire he has built.

The timing of Murdoch’s announcement is notable, as it coincides with the release of a book by author and Murdoch biographer Michael Wolff, titled “The End of Fox News,” which speculates on the future of the network after Murdoch’s departure. Observers view Murdoch’s decision as unexpected since he has not previously shown a willingness to step away entirely from his media empire. It is clear that Murdoch’s influence in the media industry will remain prominent, even as he hands over the reins to his son.

Rupert Murdoch’s career has been one of exceptional success, starting from a single newspaper in Adelaide, Australia, inherited from his father, to becoming a multi-billionaire. Forbes estimated the net worth of the Murdoch family at around $19 billion in 2020. Murdoch’s impact extends beyond media, with his complicated relationship with former US President Donald Trump and his clout in British media, having once owned the tabloid News of the World and the satellite broadcaster Sky.

Nevertheless, Murdoch’s influence has faced scrutiny and challenges. In the UK, his media empire suffered a blow when it was revealed that employees of the now-defunct News of the World had used unethical methods to obtain information, including eavesdropping on phones. This revelation resulted in Murdoch selling his stake in Sky and the closure of News of the World. Additionally, in the 2010s, Fox News faced a series of sexual harassment scandals, leading to the departure of top executive Roger Ailes and prime-time personality Bill O’Reilly.

Despite these controversies, Rupert Murdoch’s impact on the media industry cannot be understated. His creation of Fox News and the subsequent transformation of American television and politics is a testament to his vision and entrepreneurial spirit. As he transitions into his new role as Chairman Emeritus, Murdoch will undoubtedly leave a lasting legacy on Fox and the media industry as a whole.

This announcement marks the end of an era for Fox News, but with Lachlan Murdoch at the helm and Rupert Murdoch’s continued involvement, the network will undoubtedly navigate the changing media landscape with resilience and innovation. Time will tell what the future holds for Fox News and how it will adapt and thrive in a rapidly evolving industry.