After seven decades of building his legacy in news as chairman of Fox Corporation and News Corporation, Rupert Murdoch announced that he will step down officially in November, 2023.
Rupert Murdoch, 92, will become chairman emeritus (meaning he will retain his title) of both of his companies, Fox Corporation and News Corporation. His retirement comes after decades of holding an influential position over the republican party.
In a message to his employees, Murdoch writes “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.” He adds, “But the time is right for me to take on different roles, knowing that we have truly talented teams.”
Lachlan Murdoch, Rupert Murdoch’s eldest son, will become the sole chairman of both companies. Lachlan co-chaired both corporations with his father, making him the heir to his father’s empire over his siblings. Lachlan will also become the owner of the Wall Street Journal, the New York Post, and several other newspapers.
Rupert praised his son, stating, “My father firmly believed in freedom, and Lachlan is absolutely committed to the cause.”
Despite his father’s confidence, worries about the transfer of power have spread to countries outside of the U.S. These concerns stem, in part, from the 2011 phone hacking scandal. Employees working for British newspapers owned by Rupert were caught hacking phones and bribing police officers while pursuing stories.
During the incident, members of the royal family of England were spied on, leading to court battles. The weekly News of the World newspaper, which Rupurt had owned since 1969, was closed the same year.
One worry that is being expressed about Lachlan is his location. His home, in Sydney, Australia, is approximately 10,000 miles from the company’s headquarters in New York. The time difference means he frequently takes phone calls in the middle of the night and he is isolated from the places his newspapers reach.
Another concern about Lachlan’s leadership comes from his actions with the company in the past. Lachlan left the company in 2000 following a feud with Roger Ailes who was the boss of Fox News at the time. Lachlan moved to Australia and spent about a decade separated from the company, allegedly feeling that his father should have backed him in the dispute.
Despite concerns, the principal analyst at Insider Intelligence, Paul Verna notes, “given the strong ideological affinities between Lachlan Murdoch and his father, and given the elder Murdoch’s advisory role as chairman emeritus, I don’t expect a noticeable shift in the company’s editorial positioning or strategic direction.”
As Rupert Murdoch steps down from his empire, media watchdogs will be on the hunt for things to criticize, but as Paddy Manning, an author of a bibliography about Lachlan, states, “Rupert’s retirement and handover to Lachlan is a clear signal to the rest of his family, the directors and shareholders of both companies, as well as the wider world, that Lachlan is the chosen successor and he has complete confidence in his leadership.”
