• Fox’s Rupert Murdoch decides to give up in favor of Lachlan Murdoch.
• Lachlan is Murdoch’s son from his 2nd marriage to Anna Maria dePeyster.
• Fox announced the departure of  Tucker Carlson on April 25.

Rupert Murdoch, a prominent media tycoon in the United States, has announced that he will step down as chairman of both Fox and News Corporation, handing over the reins to his son Lachlan.

This decision marks the conclusion of discussions regarding the succession plan within the Murdoch family’s business empire.

In a memo addressed to employees, the 92-year-old Murdoch stated that the timing was right for him to take on different roles, emphasizing that “our companies are in robust health, as am I, and our opportunities far exceed our commercial challenges.”

Rupert Murdoch, who founded Fox News in 1996, one of the most-watched TV news channels in the US, will transition to the role of Chairman Emeritus of both companies in mid-November.

“We have every reason to be optimistic about the coming years — I certainly am, and plan to be here to participate in them,” Murdoch expressed in his memo.

Lachlan Murdoch, aged 52, is Rupert Murdoch’s son from his second marriage to Anna Maria dePeyster. Rupert Murdoch, a billionaire, has been married four times and has six children, with the majority of them becoming part of the family business.

Speculations had arisen regarding the succession of Rupert Murdoch’s second, third, and fourth children—Elisabeth, Lachlan, and James.

Lachlan emerged as a strong candidate during his executive tenure in the late 1990s. However, he left the business in 2005 due to disagreements with Roger Ailes, then-chief of Fox News, before making a comeback in 2014 and holding top positions since.

James Murdoch, who holds more liberal views, left the board of News Corp in 2020, citing “disagreements over certain editorial content” and other grievances concerning the company’s direction.

Elisabeth Murdoch, aged 55, held various top roles in the family business but eventually launched her own venture, Shine, which produced popular shows like MasterChef and The Biggest Loser.

News Corp has faced several legal challenges, including a $787.5 million settlement in April following a lawsuit by Dominion, a voting machine company, over its coverage of the 2020 presidential election.

Another lawsuit by voting technology company Smartmatic is seeking an even larger sum of $2.7 billion.

Additionally, Fox announced the departure of its highest-rated TV host, Tucker Carlson, on April 25.

In his memo, Rupert Murdoch pledged to remain involved in the “contest of ideas” but criticized other media outlets for being “in cahoots with a rarefied class of elites” whom he accused of promoting political narratives rather than pursuing the truth.

Lachlan Murdoch, in a statement, mentioned that his father “will continue to provide valued counsel to both companies.”

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