Rupert Murdoch to retire, passing media empire to son Lachlan, reports claim.

Rupert⁤ Murdoch Retires from News and Entertainment Empire After 70 Years

Media mogul Rupert Murdoch, the mastermind behind‌ Fox Corporation and ‍News ‌Corp, is stepping down from his leadership roles after an illustrious seven-decade career.⁣ However, he will continue to ⁣serve as chairman emeritus for both⁤ companies, leaving a lasting impact on the industry.

According to The New York Times, Murdoch’s son Lachlan will ⁢soon take over as the sole executive of Fox and News Corp. The ​Wall⁢ Street‍ Journal, which is part of Murdoch’s media empire, reports that the 92-year-old will officially retire⁤ in ⁢November‌ at the company’s annual meeting.

“For my entire professional life, I have been engaged‍ daily with news and ideas,​ and that will not change. But the time is right for me to take‍ on different roles,”

Murdoch expressed⁣ his ⁣optimism about the future, stating, “Our companies are in robust health, as ⁣am I. Our opportunities far ⁢exceed our commercial challenges. We have every reason to be optimistic⁤ about​ the coming years.”

Starting‌ with an ⁤Australian⁣ newspaper, Murdoch has transformed his business ‌into ​a powerhouse ‌worth⁢ over $11 ​billion.

Lachlan ⁤Murdoch also expressed his⁣ gratitude towards his⁢ father’s remarkable career, acknowledging his⁤ vision, pioneering​ spirit,​ and enduring legacy. He emphasized that Rupert Murdoch will continue to ⁢provide valuable counsel as Chairman⁢ Emeritus.

“Elites have open⁣ contempt for those who are not members of their rarefied class. Most of the media is ⁣in ​cahoots with⁢ those ‍elites, peddling‌ political narratives ‌rather than pursuing the truth.”

Forbes estimates Rupert‍ Murdoch’s net worth ⁣at an impressive $17.3 billion. ⁣As he bids farewell, he​ humbly acknowledges the‍ collective ​achievements and expresses gratitude to his colleagues for their unseen contributions to the company’s success.

This is a ⁢developing news story. Please check back for updates.

How has Rupert Murdoch’s leadership influenced the ⁤growth and success of Fox⁣ Corporation and News Corp?

Ke over as chief executive officer of both Fox Corporation ⁤and News Corp. This transition of power comes as no surprise, as Lachlan has been groomed for leadership within the family business for many years.

At the age of 91, Rupert Murdoch⁣ has built an empire that has​ left an indelible mark on the media landscape. From⁤ the creation of the Australian newspaper The News in 1952 to the establishment of the global media conglomerate News Corp in 1980, Murdoch has consistently pushed boundaries and disrupted traditional media models. His acquisition of Twentieth Century Fox in⁣ 1985 further solidified his influence in ‍the entertainment industry.

Under Murdoch’s guidance, Fox Corporation has ‌become one ​of the leading players in the television and film industry. The company’s numerous successful franchises and hit shows have captivated audiences worldwide. From The Simpsons to Empire, Fox has consistently produced groundbreaking and influential content. In addition, Murdoch’s empire has encompassed global media brands such as The Wall Street ‍Journal, HarperCollins, and Sky News.

Murdoch’s impact on the media industry cannot⁤ be overstated. He was⁣ one of the pioneers of conservative media, using his platforms to promote ‌his⁤ own political⁢ views. His influence‌ on public opinion has‍ been ‍significant, shaping political discourse in multiple countries. However, his controversial practices, such as alleged phone hacking scandals​ and spreading misinformation, have also drawn intense criticism.

Murdoch’s retirement from his leadership roles does not signal the end of his ‌influence. As chairman⁢ emeritus, he will maintain a position of authority and continue to shape the direction of both Fox Corporation and News Corp. It is expected that his son Lachlan will inherit his father’s commitment to conservative values and use his new role to further promote them.

As the media landscape continues⁤ to evolve, it will be interesting to see how Murdoch’s departure will impact the future of Fox Corporation and News Corp. Will⁢ Lachlan be able to carry on his father’s legacy​ and continue to build upon their shared‍ vision, or will he steer the companies in a new direction? Only time will tell.

Regardless of what the⁤ future⁢ holds, Rupert Murdoch’s retirement marks the end of an era in the news and entertainment industry. ⁣His seven-decade career has ⁤left an indelible mark on the media landscape, and his impact will be felt for years to come. Whether one agrees or disagrees ⁣with his methods, one cannot‍ deny the influence he has had on shaping public opinion and the media industry​ as a whole.