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Rupert Murdoch steps down as Chairman of Fox and News Corp

His son Lachlan Murdoch will now be sole Chairman of both Fox and News Corp

Media mogul Rupert Murdoch, aged 92, has announced on Thursday that he will now retire as the Chairman of Fox and News Corp. He will now be succeeded by his son Lachlan Murdoch who will now become the sole chairman of both Fox and News Corp while still acting as the CEO of Fox and will lead the businesses as chairman emeritus.

‘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,” Mr. Murdoch wrote in a memo to employees, as reported by CNN.

”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,” he wrote.

”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 Murdoch in a statement. 

According to Forbes, Rupert Murdoch currently has a net worth of $17 billion. His empire includes Fox News which he launched way back in 1996 as a competition to CNN which eventually became the number 1 news channel in America and further includes the Wall Street Journal, The New York Post, and a string of other media assets around the world.

The media mogul has six children from his first three marriages. He was married to Jerry Hall for six years. Prior to that, he was married to Wendi Deng from 1999 to 2013, Anna Maria Torv from 1967 to 1999; and Patricia Booker from 1956 to 1967.

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