RUPERT MURDOCH, THE 92-year-old Australian media magnate whose creation of Fox News made him a force in American politics, is stepping down as leader of both Fox's parent company and News Corp media holdings.
Fox said on Thursday Murdoch, after an over seven-decade career, would become chairman emeritus of both companies, effective at board meetings in November.
His son, Lachlan, will become News Corp chairman and continue as chief executive officer of Fox Corp. Lachlan said "we are grateful that he (Rupert) will serve as chairman emeritus and know he will continue to provide valued counsel to both companies."
Besides Fox News, Murdoch started the Fox broadcast network, the first to successfully challenge the Big Three of ABC, CBS and NBC, with shows like 'The Simpsons'.
Murdoch, who also owns The Wall Street Journal and the New York Post, has slimmed down his corporate holdings with the 2019 sale of many entertainment assets to the Walt Disney. These included film production, rights to the Marvel comics, National Geographic and the cable network FX.
Fox News has profoundly influenced television and US politics since its start in 1996, making Murdoch a hero to some and pariah to others. The 24-hour network converted the power and energy of political talk radio to television. Within six years, it outrated CNN and MSNBC.
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