New Delhi: Rupert Murdoch, a controversial media mogul, has ended his nearly 70-year career after stepping down as chairman of Fox Corp. and News Corp., bringing to a close a career that saw him establish a commercial empire that stretched from Australia to the United States.
All succession issues within the Murdoch family have now been resolved when his eldest son Lachlan Murdoch, 52, takes over as sole chairman of News Corp and retains his position as executive chair and CEO of Fox Corp.
Fox said in an announcement on Thursday that Rupert Murdoch, 92, would become chairman emeritus of both companies.
In a note to staff reported in the Murdoch-controlled Wall Street Journal, he wrote: "For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles."
"Our companies are in robust health, as am I. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them," it added.
In the note Murdoch also referred to Lachlan as a "passionate, principled leader" who can take the companies into the future.
There was a split in the Murdoch family over succession after decades of wrangling, which saw his younger son James quit the business. However, his daughter Elizabeth had stayed away from the battle for succession.
The Fox founder's decision to step down comes just months after his news network paid over $787.5 million to settle a defamation suit filed by voting equipment company Dominion.
The company had accused Fox of knowingly broadcasting outlandish allegations that it was involved in a plot to steal the 2020 election.
With inputs from IANS