In November, Rupert Murdoch will step down from his media empire. His son, Lachlan Murdoch, will steer the family business from now on. Here’s what we know.
Rupert Murdoch spent a lifetime building one of the world’s most important media empires. Now, at age 92, he says he’s no longer going to run it day to day.
In November, Murdoch will step down as chair for Fox Corporation, the company that owns Fox News and the Fox broadcast channel, as well as News Corp, the company that owns publishers including the Wall Street Journal and the New York Post.
Murdoch has been the last remaining media megamogul running the business he created. And that business has been extremely influential in both entertainment and politics — particularly in the US, where Fox News has enormous sway with Republican politicians and voters. His formal departure from the boardroom isn’t shocking — again, he’s 92 — but it is still momentous. And yes, there’s a lot in here that reminds people of HBO’s Succession because that show was deeply inspired by Murdoch and his family.
Here’s what we know, and don’t know, about the move:
Who’s going to run the Murdoch media empire now?
Rupert Murdoch’s announcement cements the notion that Lachlan Murdoch, one of his six children, will be steering the family business from now on. Lachlan was already CEO of Fox Corporation, and he’ll become the sole chair of News Corp. (Longtime Murdoch lieutenant Robert Thomson remains CEO of News Corp.)
Okay, but who’s really going to run the Murdoch media empire now?
That’s a good question. Fox and News Corp are public companies, but the Murdoch family controls them via ownership of a special class of shares, and Rupert Murdoch still controls the trust that controls those shares.
