Billionaire Rupert Murdoch has announced he is stepping down as chairman of both Fox Corporation and News Corp after a career of almost 70 years, beginning in 1954.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch wrote in a memo to employees.
“But the time is right for me to take on different roles, knowing that we have truly talented teams.”
His son Lachlan Murdoch will become the sole chair of News Corp and continue as executive chair and chief executive of Fox, following the Annual General Meetings in mid-November.
Rupert Murdoch will be appointed Chairman Emeritus of each company.
In his memo Rupert Murdoch said that his father Keith firmly believed in freedom and that he was committed to the same cause, while he also took aim at sections of the media.
“Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose, the memo read.
“Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth.
The 92-year-old Mr Murdoch proclaimed himself and his empire to be in good health, as he spoke of the changing media landscape.
“Our companies are in robust health, as am I,” he wrote.
“Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years — I certainly am, and plan to be here to participate in them.
“But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
Mr Murdoch also said that while he was stepping down he would be keeping a watchful eye on the companies he has devoted his life to.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he added
“Our companies are communities, and I will be an active member of our community.
“I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest, and reaching out to you with thoughts, ideas, and advice.”
Lachlan thanked his father in a statement.
“On behalf of the FOX and Newscorp 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.
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted.”
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