The 92-year-old US media mogul Rupert Murdoch is handing over leadership of his media empire. The two companies Fox Corporation and News Corporation announced on Thursday that he will have a status as “board member emeritus” from mid-November and hand over the business to his son Lachlan. The Fox Corporation includes, among others, the right-wing news channel Fox News, and the News Corporation includes the “Wall Street Journal” and the “New York Post”.
Lachlan Murdoch will become sole chairman of News Corp and continue as chairman and CEO of Fox, both companies said.
Reason for optimism
“We have every reason to be optimistic about the next few years,” said a letter from Murdoch Sr. to employees. “Our opportunities far exceed our business challenges.” Both companies Fox and News Corp are “in robust health – like me.” The fight for freedom of expression and ultimately for freedom of thought has never been as intense as it is today.
Murdoch has created a media empire that stretches from Australia to the United States. The manager had decided some time ago that Fox and News Corp. but not to merge.
Australian-born Murdoch, a US citizen since 1985, is one of the most powerful media entrepreneurs in the world. The 92-year-old also owns the tabloid “Sun” and the newspaper “The Times” in Great Britain. The US magazine Forbes estimates the value of Murdoch’s media empire News Corp at more than $20 billion (18.69 billion euros).
Close relationships and commitment to interests
Murdoch’s close ties to power and his ability to harness the political elite to his interests are legendary. “Republicans originally thought that Fox was working for us. Now we realize that we are working for Fox,” former US President George W. Bush’s speechwriter David Frum once said in a TV interview.
With tabloids like “The Sun,” Murdoch uncompromisingly relied on sensationalism, and with channels like Fox News, he later focused on political opinion-making, which is also seen as a pavement for Donald Trump, for example.
There had been speculation for years about Murdoch’s departure, which would involve possible changes in company management.
