Media mogul Rupert Murdoch announced Thursday he will be transitioning to a new role within his media empire, handing over the reins to his son Lachlan.
Murdoch, 92, announced the news to colleagues in a letter Thursday, noting he was in good health. He will officially make the transition in November, and his son Lachlan will become the sole chairman of both companies.
“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News,” Murdoch wrote. “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.”
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he wrote.
Lachlan Murdoch released an announcement congratulating his father and the legacy he’s left at his enormously influential companies.
“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
Murdoch’s media empire includes FOX News Channel, which launched in 1996 under News Corp.
Murdoch was Executive Chairman of 21st Century Fox from 2015 to the closing of the merger of 21st Century Fox and The Walt Disney Company in March 2019. Murdoch served as CEO of 21st Century Fox from its inception as News Corporation in 1979 until 2015 and as its Chairman from 1991 to 2015.