Rupert Murdock Leaves, Long Live Lachlan

Rupert Murdoch, the great and terrible Wizard of the media world, has stepped down as chairman of two conglomerates — Fox Corp and News Corp — ending a phenomenal career spanning more than seven decades.

Murdoch managed to create the greatest media empire in human history, stretching from Australia to the United States.

He seemed eternal, but the time had come for him to pass on his life’s work to his heir.

His son, Lachlan Murdoch, will become sole chairman of News Corp and continue to serve as chairman and CEO of Fox.

Lachlan leads the Murdoch empire at a critical time, with the media industry facing challenges ranging from the decline of traditional television audiences to the incursion of artificial intelligence into current affairs reporting.

Earlier this year, Murdoch, 92, abandoned a plan that would have reunited his media empire by merging Fox and News Corp. The merger failed because several leading shareholders rejected the offer.

Murdoch, who owns near-controlling stakes in both companies, will be named their honorary chairman.

Fox News continues to be America’s number one cable news network, playing an influential role in US politics, especially among Republicans who value Fox’s conservative audience.

Murdoch, who has six children, has long wanted his children to eventually take the reins of the empire into their own hands. His son James was CEO of Twenty-First Century Fox before the company decided to sell its film and television assets to Walt Disney Co (DIS.N) for $71.3 billion, a deal that closed in 2019.

Murdoch controls News Corp and Fox Corp through a family trust based in Reno, Nevada, which owns approximately 40% of each company’s voting shares. He also owns a small number of shares in companies outside the trust.

A generation of media titans is leaving the scene, leaving children with the opportunity to maintain what they have achieved.

Or lose it.