Fox News founder Rupert Murdoch is stepping down from his role at the top of the Fox and News Corp. boards, he announced in a letter on Thursday.
In a note to employees, 92-year-old Murdoch wrote that his son Lachlan will become the “sole chairman of both companies.” Rupert will become chairman emeritus of both companies, according to Fox.
“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News,” Murdoch said according to Fox News.
“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, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
“Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.”
Lachlan also released a statement according to Fox News, saying, “On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan.
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
Rupert Murdoch previously made headlines after year as Fox Corp. was sued over the company’s alleged broadcasting of lies about the 2020 election. New York City’s pension funds and the state of Oregon sued Fox Corp. in September. The lawsuit accuses Fox Corp. of harming shareholders by opening itself up to defamation lawsuits, including one Fox News agreed to settle with the voting machine company Dominion Voting Systems for nearly $800 million.
The lawsuit against Fox News and its parent company by Dominion was one of the first defamation claims filed after former President Donald Trump and his allies spent weeks falsely claiming the 2020 election was stolen.
This is a developing news story and will be updated as more inforamtion becomes available.