Rupert Murdoch is retiring from the Fox and News Corporation boards, the company announced Thursday morning, making his son Lachlan the sole executive in charge of the global media empire he built from a small local newspaper concern in Australia starting 70 years ago.
The elder Mr. Murdoch will become chairman emeritus of the two companies, the company said in a release.
Mr. Murdoch, 92, had shown no intention to step down or even slow down — even after he named Lachlan as the operating heir to his business empire in 2019, when he sold his vast entertainment holdings to the Walt Disney Company.
Even now, in his emeritus status, he will continue to offer counsel, Lachlan Murdoch said in a statement.
Persons:
Rupert Murdoch, Lachlan, Murdoch, Lachlan Murdoch
Organizations:
Fox and News Corporation, Walt Disney Company
Locations:
Australia