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Rupert Murdoch steps down as chairman of Fox Corp. back.
New York CNN –
Rupert Murdoch, the powerful right-wing media mogul who built and led one of the world’s most influential news empires, announced Thursday that he will step down as chairman of his companies Fox Corporation and News Corp.
“Throughout my professional life, I have engaged with news and ideas on a daily basis, and that will not change,” Murdoch, 92, wrote in a memo to employees. “But now it’s time for me to take on other roles as I know we have really talented teams.”
As the leader of the Fox and News Corporation, which publishes influential broadsheets such as the Wall Street Journal and the tabloid New York Post, Murdoch has for decades wielded considerable influence in the Republican Party, equaled only by a select few.
Murdoch’s decision to step down as CEO of his companies will send shockwaves through the media industry and also ripples in political waters, just as the 2024 presidential election heats up.
He will be replaced by Murdoch’s eldest son Lachlan, who already serves as CEO of Fox Corporation and will become sole CEO of both companies.
Murdoch described Lachlan as “a passionate, principled leader”. It is unclear whether Fox’s direction will change under Lachlan, but Rupert signaled that Lachlan will maintain the right-wing editorial direction his media companies are known for.
“My father was a strong believer in freedom and Lachlan is absolutely committed to the cause,” Murdoch told staff in his memo. “Self-serving bureaucracies seek to silence those who would question their origins and purpose. Elites have blatant contempt for those who do not belong to their select class. Most media outlets are in cahoots with these elites, spreading political narratives instead of pursuing the truth.”
Rupert Murdoch, who assured staff he was in “robust health”, said he would continue to be “involved in the competition of ideas every day” in his new role as chairman emeritus.
However, Lachlan Murdoch has privately criticized Trump and said he disagreed with much of the former president’s behavior, sources told CNN. Murdoch even went so far as to tell people that he thought it would be bad for the country if Trump ran again.
Murdoch’s foray into the media business began in the 1950s at a small Australian newspaper chain and became a major Hollywood executive in 1985 when he bought Twentieth Century Fox from oil major Marvin Davis for $600 million. In 1986, Murdoch entered the television business after purchasing several US television networks and founding Fox Broadcasting.
Fox News was founded in 1996 as a conservative startup competitor to CNN. By adopting conservative narratives, it eventually became the leading cable news channel in America.
But when former President Donald Trump rose to power in the Republican Party in 2015, the network pivoted away from its roots in conservative news and became a fearless home of right-wing propaganda aimed at propping up the scandal-plagued White House .
In recent years, Fox News under Murdoch has promoted baseless conspiracy theories, including the Covid-19 pandemic and the 2020 presidential election.
Fox News’ lies about the election led to two massive defamation lawsuits from voting technology companies Dominion Voting Systems and Smartmatic.
Fox settled the Dominion lawsuit earlier this year for the historic sum of $787.5 million. However, the Smartmatic lawsuit continues to work its way through the court system.
Fox News announced Murdoch’s resignation on its show Thursday morning, with host Bill Hemmer praising the network’s founder.
“Rupert Murdoch created all of this and more in America and around the world,” Hemmer said. “His life’s work has left an indelible mark on the global media landscape. His contributions are both countless and extraordinary and we thank him for sharing them with us.”
“We wouldn’t be here without him,” added host Dana Perino.