Media mogul, Rupert Murdoch, has announced his decision to step down as chairman of Fox and News Corp, handing over the reins of both companies to his son, Lachlan.
Murdoch said this In a memo delivered to his employees: “the time is right” for him to take on “different roles”.
Murdoch who is currently 92 years, introduced Fox News in 1996, and it has since become the most-watched television news channel in the United States.
Murdoch announced his intention to assume the position of Chairman Emeritus for both companies in mid-November.
This development comes after Murdoch’s decision to abandon a merger plan between Fox and News Corp, which would have reunited two significant media holdings, several months ago.
“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.” he wrote.
Murdoch’s transition announcement coincides with a tumultuous year for Fox. In April, the company agreed to a $787.5 million (£634 million) settlement after facing a lawsuit from Dominion, a voting machine company, regarding its coverage of the 2020 presidential election.
Additionally, on April 25th, the company disclosed its decision to “separate” from Tucker Carlson, who is not only the network’s top-rated host but also wields substantial influence in the industry.
In his memo to the staff, Murdoch vowed to continue to be involved in the “contest of ideas”.
He also criticised other media outlets as being “in cahoots” with a “rarefied class” of elites who he accused of “peddling political narratives rather than pursuing the truth”.