Rupert Murdoch, the media mogul who built a global media empire, is stepping down from his role at Fox and News Corp. In a memo to Fox employees, Murdoch announced that he will transition into the role of Chairman Emeritus. His departure will leave his oldest son, Lachlan Murdoch, as the sole chair of News Corp., while continuing as executive chair and CEO of Fox Corp.
Throughout his career, Murdoch has had a significant impact on news, culture, and politics, particularly through right-leaning Fox News. His media conglomerate has faced numerous scandals, including allegations of bribery, phone hacking, and sexual harassment. One of the biggest challenges for Murdoch's empire was settling the Dominion Voting Systems lawsuit for $787.5 million, the largest publicly disclosed settlement for a defamation lawsuit in US history.
Murdoch's transition comes at a time when media companies are facing the challenges of cord-cutting and the dominance of tech giants in the digital advertising market. News Corp., which includes The Wall Street Journal, announced staff cuts of 5% this year as it grapples with the encroachment of AI and seeks to grow in a tough market for subscribers and digital advertising.
It remains unclear how Murdoch's media empire will change under Lachlan Murdoch's leadership. Lachlan has been credited with pushing Fox further into digital, acquiring streaming service Tubi, growing subscription service Fox Nation, and entering the sports betting market through Fox's investment in FanDuel. He has defended Fox News' diversity of opinion but has also faced criticism for supporting controversial figures and promoting divisive narratives.
As Rupert Murdoch steps down, the media landscape continues to evolve, with digital platforms and tech giants playing an increasingly dominant role. The future of Murdoch's media empire will depend on how it adapts to these changes and continues to navigate the challenges of a rapidly shifting industry.