Rupert Murdoch, 92, is stepping down as chairman of Fox Corp. and News Corp, the company announced Thursday.
Murdoch is one of the most powerful and influential media moguls of the past century, and his companies have shaped the way people consume news and entertainment around the world.
Murdoch is credited with building some of the most successful media companies in the world, and he has been a pioneer in the development of new technologies and business models.
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Fox said Thursday that Murdoch would become chairman emeritus of both companies. His son, Lachlan, will become News Corp. chairman and continue as chief executive officer of Fox Corp.
Lachlan Murdoch said that “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”
Murdoch vowed in a letter to employees that he would remain engaged at Fox.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas, Murdoch wrote. “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.”
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