Rupert Murdoch just resigned as Chairman of Fox Corp and News Corp

Rupert Murdoch – the media industry mogul has resigned as Chairman of Fox Corp (NASDAQ: FOX) and News Corp (NASDAQ: NWSA). Shares of both companies are slightly up today.

Murdoch will become Chairman Emeritus

The 92-year-old veteran will now hold an honorary title of Chairman Emeritus at the mass media firms. His note to employees reads:

Our companies are in robust health, as am I. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.

Lachlan Murdoch – his son will remain the Chief Executive of Fox Corporation. At News Corp, he will now be the sole Chairman, as per the announcement on Thursday.

Last month, News Corp was reported to have trimmed costs by more than $160 million this year.

Fox Corp has had a difficult 2023

Rupert Murdoch stepping down as Chairman of both companies certainly marks the end of an era.

The business magnate turned what was a small Australian newspaper into a global business that at its peak included not just Fox News but also a television network and a movie studio. Murdoch also wrote today:

For my entire professional life, I’ve been engaged daily with news and ideas, and that will not change … the battle for freedom of speech and freedom of thought has never been intense.

It has been a rather difficult year for Fox Corp. First, it had to pay nearly $790 million to settle a defamation lawsuit related to Dominion Voting Systems. Tucker Carlson – one of its top talents was also fired earlier in 2023.   

Still, Fox Corp came in ahead of earnings estimates in its fourth financial quarter in August.