Rupert Murdoch steps down as chairman of Fox and News Corp.
Rupert Murdoch steps down as chairman of Fox and News Corp.
Rupert Murdoch Steps Down: The End of an Era for a Media Mogul
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In a momentous move, media mogul Rupert Murdoch has announced his retirement as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), putting an end to a more than seven-decade-long career that has shaped the media landscape from Australia to the United States.
His son, Lachlan Murdoch, will take over as chairman of News Corp and continue as the chair and CEO of Fox, solidifying his position as the leader of the Murdoch media empire and settling any succession questions within the Murdoch family.
Rupert Murdoch’s departure has garnered mixed reactions from experts and industry insiders. Some acknowledge the significant impact he has had on the media industry, while others criticize certain aspects of his legacy.
One British finance minister, Jeremy Hunt, commenting on Murdoch’s retirement, acknowledged his defining influence on our lives over the last half-century. Regardless of personal opinions, Hunt recognized Murdoch’s prowess as an “absolutely formidable operator.”
Brian Wieser, a media analyst at advisory firm Madison & Wall, pointed out the logical inevitability of Murdoch stepping aside due to his age. He acknowledged Murdoch’s mixed legacy, highlighting his contributions to journalism and important news production, while also noting the instances where Fox News amplified toxicity in the US political environment.
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According to Michael Ashley Schulman, Partner and Chief Investment Officer at Running Point Capital Advisors, Murdoch’s retirement marks the end of an era that has not been without controversy. Schulman cited Fox’s recent settlement with Dominion, a voting machine company, and their ongoing defamation lawsuit with Smartmatic as potential influences on Murdoch’s decision. He believes that Lachlan Murdoch can introduce a new face and possibly set a new tone for the media conglomerate.
While some experts such as Jason Benowitz, a senior portfolio manager at CI Roosevelt, express surprise at Murdoch’s departure, they acknowledge Lachlan’s capabilities to run the business. Benowitz emphasizes that while Rupert Murdoch is irreplaceable, his son is taking over a business that is as good as it could have been left for him.
Danni Hewson, the Head of Financial Analysis at AJ Bell, noted the significance of Murdoch’s departure and referred to him as a controversial, charismatic, and cantankerous figure who will leave big shoes to fill. Highlighting Murdoch’s meticulous planning, she suggests that his new role as chairman emeritus indicates he will maintain influence, albeit in a less hands-on way.
Matthew Jordan, an Associate Professor of Media Studies at Penn State University, draws comparisons between Murdoch’s succession and the television series “Succession.” He emphasizes the shift towards data-driven operations in the media industry and the need for outlets like Fox News to cater to their audience’s preferences to remain profitable.
Rodney Benson, a Professor of Media Studies at NYU, recognizes Murdoch’s immense transformation of the U.S. media ecosystem. Despite potential conflict within the family, he believes a fundamental reshaping of Fox is unlikely due to its commercial success.
Art Hogan, Chief Market Strategist at B. Riley Wealth, highlights the secular decline in broadcast TV and Fox’s challenges with talent and ratings. Hogan acknowledges the logic behind Murdoch’s decision, considering his son’s succession as a seamless transition.
Paul Verna, Principal Analyst at Insider Intelligence, remarks on the significance of Murdoch’s retirement for Fox Corp and the media industry as a whole. He predicts that Fox News will continue to play a central role in shaping public opinion on the right side of the political spectrum, given the divided society. Additionally, Verna notes the challenges faced by TV network groups in adapting to the changing media landscape.
Thomas Hayes, Chairman at Hedge Fund Great Hill Capital, applauds Murdoch for building an incredible company and believes it is wise for him to step down and pass the reins to the next generation. He acknowledges Murdoch’s legacy of giving voice to both sides of the debate, but also acknowledges the polarization of news as a consequence of Fox’s right-leaning stance.
Matthew Tuttle, Chief Investment Officer at Tuttle Capital Management, recognizes the inevitability of succession and the importance of timing. He credits Murdoch with making news entertaining but acknowledges the consequences of Fox’s shift to the right, which politicized news forever.
Ed Moya, Senior Market Analyst at OANDA, expresses surprise that Murdoch didn’t step down earlier, given his age. Moya expects a rebranding effort from Fox as they enter a marathon of election coverage, with Lachlan Murdoch at the helm.
Rupert Murdoch’s retirement marks the end of an incredible and controversial era in the media industry. While his departure leaves big shoes to fill, it also presents an opportunity for Lachlan Murdoch to put his mark on the media conglomerate. As the industry continues to evolve, the next generation of Murdoch leadership will face challenges in adapting to changing media landscapes and viewer preferences.
The legacy of Rupert Murdoch is undeniably mixed, but his influence on the media world cannot be easily dismissed. Love him or loathe him, one thing is certain – Rupert Murdoch has shaped the media industry in significant ways and leaves behind an enduring impact that will continue to be felt for years to come.
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