Rupert Murdoch will take on a new role at both News Corp and Fox when his son, Lachlan Murdoch, becomes sole chairman of both media giants, the companies said on Thursday.
The Australian-born media mogul, who has spent nearly seven decades building a pair of powerhouses that have transformed their industries, will be officially named chairman emeritus of each company at shareholder meetings in mid-November.
Lachlan, 52, will succeed his 92-year-old father as sole chairman of News Corp and executive chairman and CEO of Fox, according to the companies.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Rupert Murdoch told colleagues in a Thursday morning memo addressed to his 35,000-person workforce.
“But the time is right to take on different roles, knowing we have truly talented teams and a passionate and principled leader in Lachlan.”
Rupert and Lachlan Murdoch photographed together in October 2021, as Fox News celebrated its 25th anniversary. The father and son duo stand in front of “Studio M,” which was renamed “Studio F” on the milestone anniversary in an ode to the news channel’s founder, Rupert Murdoch.FOX
Rupert Murdoch holds a copy of the October 5, 1978 New York Post at his printing site in 1978. The edition marked The Post’s first afternoon newspaper after a New York newspaper strike halted operations for two months. Bettmann Archive
Murdoch at the New York Post printing office in 1985, nearly a decade after he first bought the newspaper, which is now owned by News Corp.Corbis/VCG via Getty Images
“Our companies are in good health, as am I. Our opportunities far outweigh our business challenges,” the media mogul added. “In my new role, I can guarantee you that I will be involved in the ideas competition every day.”
Last month, News Corp said core profit rose 8% to $341 million in the quarter, benefiting from its cost-cutting measures and a rise in digital subscriptions for its Dow Jones news and data services. Revenue for the fiscal year ended June 30 topped $9.9 billion and profits soared to more than $1.4 billion — “the company’s second-highest profitability ever,” News Corp CEO said , Robert Thomson.
Fox also beat Wall Street expectations when it reported fourth-quarter earnings of $375 million in August, up from $306 million in the same period a year ago. Revenue for the fiscal year was $1.25 billion, a slight advance over 2022.
“We have every reason to be optimistic about the next few years; I certainly am and I plan to be here to participate in them,” Murdoch said Thursday of his two companies.
Lachlan photographed at The Post’s printing plant in the Bronx in 2002. At the time, Lachlan was serving as editor of The Post, a position from which he resigned in 2005.NY POST
News Corp’s share price in early trading on Thursday rose almost 1% to $19.84, while Fox enjoyed a rise of about 2% to $31.79.
In a statement, Lachlan congratulated his father “on his remarkable 70-year career.”
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the lasting legacy he leaves behind the companies he founded and the countless people he has impacted. “We are grateful that he will serve as Chairman Emeritus and know that he will continue to provide valuable advice to both companies,” Lachlan added.
Lachlan, as head of two of the world’s most recognizable media companies, will oversee Fox and News Corp’s vast portfolio, which includes The Post.
“My father believed strongly in freedom and Lachlan is absolutely committed to the cause,” Murdoch wrote. “Selfish bureaucracies seek to silence those who would question their origins and purpose. Elites have open contempt for those who are not members of their rarefied class. “Most media outlets are in cahoots with these elites and peddle political narratives instead of seeking the truth.”
Murdoch and his son photographed together in April 2004, after announcing that News Corp was moving its headquarters from Sydney, Australia, to the United States. AFP/Getty Images
In 1952, Rupert Murdoch inherited an Adelaide newspaper from his father, Sir Keith Murdoch, a former war correspondent. He then embarked on a path that would redefine the media landscape. In 1960, his company News Limited acquired News of the World and The Sun of the United Kingdom. in 1969.
In 1980, the once little-known Australian-based public corporation bought the New York Post, New York Magazine and The Village Voice. in the United States and became News Corporation. In the United Kingdom, the company’s growth continued with the purchase of The Times in London and The Sunday Times in 1981.
In 1983, Murdoch’s News International became the majority owner of Satellite Television, Europe’s first satellite-to-cable channel. In the following decade, Murdoch ventured into book publishing with an investment in HarperCollins.
Statement from Murdoch, shared with his workforce of more than 35,000 on Thursday.NewsCorp
In 1985, Murdoch expanded his interests in the film and television industry when he assumed ownership of 20th Century Fox, as well as 25 television stations throughout the United States. That paved the way for Fox Sports and Fox News, and Murdoch saw an opportunity to compete with left-wing news networks like CNN.
In 1996, the Fox network was the nation’s top-rated television group, a position it held for a record eight consecutive years, thanks to hits like “In Living Color,” “Married with Children,” “The X-Files,” ” and “The Simpsons.”
In a pivotal purchase, Fox also stripped CBS of NFL media rights in a $1.6 billion deal that allowed it to better compete against entrenched television networks as well as launch new cable networks locally and nationally.
Following the success of Fox News, Murdoch took 24-hour news television across the pond, launching Sky News in the United Kingdom in 1988. In a landmark deal in 2007, Murdoch led News Corp’s acquisition of Dow Jones, owner of the Wall Street Journal.
Since Murdoch’s first foray into news, when he inherited his father’s Australian newspaper in 1952, he has always taken a keen interest in every part of making a newspaper. FOX
In 2013, Murdoch split his business, keeping publishing assets under the company’s original name, News Corp, and spinning off entertainment assets into 21st Century Fox.
Lachlan Murdoch was named CEO of 21st Century Fox in 2015. Four years later, he played a key role in orchestrating the megamerger with Walt Disney, bringing Comcast into the negotiations when the company reached a sale price of $71.3 billion. Dollars.
The following year, Fox acquired Tubi for $440 million, which, under Lachlan’s leadership, has become the number one ad-based video-on-demand service.
The streaming service was recently valued at $3 billion by Bloomberg Research.
Lachlan Murdoch also led News Corp’s purchase of a 61% controlling stake in REA Group for $10.8 million, putting up just $2.5 million in cash. The Australia-based real estate advertising company is now valued at $6.8 billion.
Murdoch is the second of four children of Australian journalist and newspaper owner Keith Murdoch and his wife Elizabeth. (Pictured together, circa 1950.)FOX
In 2019, Rupert Murdoch launched Fox Corp as an independent publicly traded company following the separation of 21st Century Fox in another transformative deal. Fox Corp. includes Fox News Media, Fox Sports, Fox Entertainment, Fox Television Stations and Tubi Media Group.
Last fall, Murdoch mooted a deal to reunite News Corp and Fox. In January, he put the plans on hold, saying they were not optimal for shareholders at the time.
The Murdochs remain significant shareholders in both companies, with about a 40% voting stake in News Corp and about a 44% voting stake in Fox Corp, regulatory filings show.
Over the years, Rupert Murdoch has extended his influence to organizations such as the Australian American Association, which was founded in 1948 by Sir Keith Murdoch and opened a center in Manhattan in March, appropriately named the “Murdoch Centre.”
The headquarters serves as a cultural center and meeting place to support the association’s mission to foster stronger ties between the US and Australia.
New York State Comptroller Ned Regan, New York City Mayor Ed Koch, New York Governor Mario Cuomo and Rupert Murdoch in 1984. New York Post
Murdoch guest-voiced a season 10 episode of The Simpsons, titled “Sunday, Cruddy Sunday,” which aired in 2010. FOX
President John F. Kennedy meets with Zell Rabin and Rupert Murdoch in the Oval Office, 1961. Bettmann Archive
Murdoch and his son Lachlan attend the opening of the Murdoch Center in New York on March 14, 2023. Founded in 1948 by Sir Keith Murdoch, the philanthropic organization’s goals include promoting ties between the United States and Australia.Australian American Association