Media Mogul Rupert Murdoch Hands Over Control Of Business To Son
The Australian multi-billionaire is handing over the presidency of News Corp. and Fox Corporation to his son Lachlan.
The largest and most famous media mogul Rupert Murdoch decided to “hang up the gloves”: the 92-year-old entrepreneur announced that he will step down as president of his two main companies, the publishing house News Corp. and Fox Corporation, which also controls the American television channel Fox News that has recently become very popular in the USA thanks to pro-Donald Trump anchor Tucker Carlson.
Murdoch said his decision to hand over control of his companies to his 52-year-old son Lachlan was not dictated by “health reasons” and that he would retain his role as “honorary president of both groups.”
“It’s time for me to take on other roles. I know we have a very talented team and a leader named Lachlan who is passionate about his work and true to his principles,” Murdoch said in a statement released to Fox News.
Western media recalled that Murdoch, one of the world’s richest men, began his career in the early 1950s in Adelaide, Australia, as the director of a local newspaper, which he inherited from his father.
Today, seventy years later, Murdoch owns dozens of newspapers in Australia, including The Australian, the nation’s best-selling newspaper, which the mogul himself founded in 1964.
Between the 1960s and 1970s, Murdoch gained control of some major newspapers in Great Britain, as well as in the United States. Thanks to this operation, Murdoch was recognized as “one of the most influential publishers in the world.”
In 1999, Guyana, a sovereign nation in South America, issued a stamp featuring Rupert Murdoch.
His current media reign includes the hugely popular British tabloid The Sun, the widely quoted newspaper The Times, as well as the American newspapers The New York Post and The Wall Street Journal, which for many years held the title of “leading financial newspaper” in the USA.
Between the 1980s and 1990s, Murdoch devoted himself to television. Taking control of the film studio “The 20th Century Fox,” he founded the Fox television channel in the USA and subsequently the Sky satellite television network, which was sold to the American company Comcast in 2018.
In 2023, Forbes magazine estimated Murdoch’s net worth at $17.4 billion.
