On Thursday, Rupert Murdoch, 92, announced he will step down as chairman of Fox Corporation and Fox News.
Murdoch’s career spanned almost 70 years and he will continue as chair emeritus of both organizations.
Fox News shared Murdoch’s letter to colleagues announcing his decision.
“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News,” Murdoch wrote. “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, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies. Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me.
“Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication. Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.”
Murdoch went on to say the battle over freedom of speech and freedom of thought had never been more intense, and he said his family remained firmly committed to that cause. He criticized both contemptuous elites and the media in “cahoots” with them for pushing narratives rather than seeking the truth.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he wrote.
Son Lachlan Murdoch, who will become the sole chairman of both companies, shared the following after the announcement:
“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career,” said Lachlan Murdoch. “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”
This is a breaking story. Check back for updates.
