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Rupert Murdoch is stepping down as chairman of the board of both Fox Corp. and News Corp., the companies said on Thursday.
The move will be official in November. Murdoch, 92, will be appointed chairman emeritus of each company. Lachlan Murdoch, one of his sons, will become sole chairman of News Corp and will continue as Fox Corp.’s executive chair and CEO.
“Our companies are in robust health, as am I,” the elder Murdoch said in a note to employees. “We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
Murdoch is stepping away from the boards after a tumultuous year at Fox’s TV network, soon after the company agreed to pay a $787.5 million settlement in the Dominion Voting Systems’ defamation lawsuit over false claims that the company’s machines swayed the 2020 election between President Joe Biden and Donald Trump.
Fox News also saw top talent Tucker Carlson exit earlier this year, followed by a dip in ratings for a period before he was replaced.
His move also comes a year ahead of the upcoming presidential election in the U.S. News Corp. owns newspaper The Wall Street Journal, among other publications, while Fox is the parent company of right-leaning TV networks Fox News and Fox Business.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch said in his note to employees, adding it was time for him to take on different roles.
Read Murdoch’s full note to employees:
Dear Colleagues,
I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News. For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me. Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication.
Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. 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. Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose. Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth.
In my new role, I can guarantee you that I will be involved every day in the contest of ideas. Our companies are communities, and I will be an active member of our community. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas, and advice. When I visit your countries and companies, you can expect to see me in the office late on a Friday afternoon.
I look forward to seeing you wherever you work and whatever your responsibility. And I urge you to make the most of this great opportunity to improve the world we live in.
This is breaking news. Please check back for updates.