Rupert Murdoch, the 92-year-old media tycoon who founded Fox News, is resigning from his leadership roles at Fox's parent company and News Corp. Murdoch is also the owner of the Wall Street Journal and the New York Post.
Fox made this announcement on Thursday, stating that Murdoch will assume the position of chairman emeritus at both entities, reported news agency AP. His son, Lachlan, will take over as chairman of News Corp. and will continue serving as the CEO of Fox Corp. Lachlan Murdoch expressed gratitude for his father's new role as chairman emeritus and anticipated that he would continue offering valuable advice to both companies.
Besides Fox News, Murdoch started the Fox broadcast network, the first to successfully challenge the Big Three of ABC, CBS and NBC.
Murdoch wields significant influence in US conservative circles as Fox News Channel has had a profound impact on both television and the nation's political landscape since its establishment in 1996.
In a letter addressed to employees, Murdoch pledged to maintain an active role at Fox. He emphasized his commitment to engaging daily in the arena of ideas, acknowledging the sense of community within their companies. Murdoch also assured that he would vigilantly follow their broadcasts, read their publications, websites, and books with keen interest.
{{/usCountry}}In a letter addressed to employees, Murdoch pledged to maintain an active role at Fox. He emphasized his commitment to engaging daily in the arena of ideas, acknowledging the sense of community within their companies. Murdoch also assured that he would vigilantly follow their broadcasts, read their publications, websites, and books with keen interest.
{{/usCountry}}The exact reason for Murdoch's announcement remains undisclosed at this time. It is noteworthy that this announcement coincides with the release of Michael Wolff's book, "The End of Fox News," which speculates on the network's future post-Murdoch era.
(With AP inputs)