Murdoch, 92 years old, will exit his roles atop each company as of November, when they hold annual meetings, the companies said. He will be appointed chairman emeritus of each company. His eldest son, Lachlan Murdoch, who has served as co-chair of News Corp, will become sole chair of that company and will continue as Fox Corp. executive chair and CEO. "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," Rupert Murdoch wrote in a memo to staff.
His decision to step back solidifies Lachlan Murdoch as his successor. He called Lachlan a "passionate, principled leader" who can take the companies into the future.
Murdoch is one of a handful of media barons, along with the likes of John Malone, Ted Turner and Sumner Redstone, who shaped the modern era of media. He has wielded influence in political and financial capitals, earning credit from his boosters and blame from his critics. Murdoch has remained active in his later years, pursuing big deals to reshape his companies.
Murdoch is stepping back at an important moment for both wings of his media empire, as they confront fundamental challenges in the media landscape. Fox, a relatively small player in an entertainment industry now dominated by titans, is wrestling with the pro-found implications of cable cord-cutting and the growth of streaming. News Corp, owner of The Wall Street Journal, Times of London and other publications, is trying to find the right formula for digital growth amid a fierce battle for subscribers and online-ad dollars. "Our companies are in robust health, as am I," Mr. Murdoch wrote. "Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years."
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