(MENAFN- The Peninsula) Bloomberg
Rupert Murdoch is stepping down as chairman of the boards of Fox Corp. and News Corp. following a nearly seven-decade career, and will become chairman emeritus of each company.
His son Lachlan Murdoch will become sole chairman of News Corp. and continue as executive chair and Chief Executive Officer of Fox, the company said in a statement Thursday.
"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,” Lachlan Murdoch said.
Rupert Murdoch, 92, has been one of the most influential and controversial figures in media. He has inflamed and influenced public opinion via a global empire that included garish tabloids, sophisticated broadsheets such as the Wall Street Journal and television properties in the US and the UK.
His stepping aside leaves his son in charge of a global media empire Murdoch created from a local newspaper in Australia.
Murdoch's Fox Broadcasting Co. wrested market share from NBC, CBS and ABC and altered the economics of professional sports by offering record sums for broadcast rights to football games and other events. Fox News Channel, a juggernaut in cable TV, became a stage for Republican US politicians including Donald Trump and an incessant critic of Democrats, including presidents Bill Clinton, Barack Obama and Joe Biden.
Fox News and Murdoch also paid a heavy price for the network's fulsome embrace of Trump's wild claims that an elaborate conspiracy stole the 2020 election from him.
In one of the darkest chapters of Murdoch's rein, Fox News agreed to pay $787.5 million to settle a defamation suit filed by Dominion Voting Systems Inc.
The voting machine company had alleged that the network defamed it by airing bogus claims that it rigged the vote against Trump.
Evidence uncovered in the case showed that the media titan and other top Fox executives, as well as superstar hosts like Tucker Carlson, privately derided the conspiracy theory as loony even as they promoted it.
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