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Rupert Murdoch Retiring As Chairman Of Fox News Corps.

Rupert Murdoch Retiring As Chairman Of Fox News Corps.
Rupert Murdoch Retiring As Chairman Of Fox News Corps. (Photo by Dia Dipasupil/Getty Images)

Rupert Murdoch is retiring and will pass down the mantle to his 52-year-old son, Lachlan Murdoch, as the mogul prepares for retirement, People magazine reports.

On Thursday morning, Fox News announced that Rupert Murdoch, 92, made the decision to step down as chairman of Fox Corp and News Corp in November, transferring his authority to Lachlan as he assumes an honorary “chairman emeritus” status.

America’s Newsroom co-host Bill Hemmer revealed the succession plan live on air, saying, “Our boss, Rupert Murdoch, is transitioning from chair of our parent company Fox Corporation.”

“In his note, Rupert says that for his entire professional life, he’s been ‘engaged daily with news and ideas and that will not change,'” Hemmer said. “And he says he will still be an active member of the Fox community, reaching out with thoughts and ideas as he does every day.”

Rupert Murdoch added that he and the companies are doing well, shutting down any potential speculation for his decision.

“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about our coming years. I certainly am and plan to be here to participate in them,” Rupert wrote in the letter. “But the battle for the freedom of speech and ultimately the freedom of thought has never been more intense. My father firmly believed in freedom and Lachlan is absolutely committed to the cause.”

In a news release, Lachlan congratulated his father for a 70-year career in media, saying, “We thank him for his vision and his pioneering spirit, his steadfast determination and the enduring legacy he leaves at the companies he founded and countless people he has impacted.”

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