Although the media mogul announced that his son Lachlan will become the chair of News Corp. and Fox Corp., he was also careful to quash speculation that he would be retiring.
Wall Street Journal, along with conservative newspapers in Britain and Australia, once joked that he was convinced of his own immortality. At ninety-two, he has kept going despite suffering from, at various points, prostate cancer,, and broken vertebrae and a spinal hematoma after falling on his eldest son’s superyacht, in 2018. On Thursday, Murdoch announced that he was stepping down as chairman of his two main holding companies, Fox Corp. and News Corp.
Why, then, is he vacating his corporate positions? In his statement, he said, merely, “the time is right for me to take on different roles.” Given his age, that’s hard to argue with. But, whereas Logan Roy refused to relinquish power to any of his children while he was alive, Murdoch may also be trying to insure that his companies fall permanently into the hands of his eldest son, Lachlan, who is his chosen successor.
The apparent handover of power doesn’t completely settle things, however. When Murdoch dies, ultimate control of both his companies will pass to a family trust in which his four eldest children—Prudence, Lachlan, James, and Elizabeth—each have an equal vote.
All of that is just speculation. What is beyond dispute is that 2023 has been extremely trying for Murdoch and his businesses. At the start of the year, the external shareholders of Fox Corp. and News Corp., which until 2013 were part of a single company, forced Murdoch to abandon an effort to reunite them. In April, Fox News
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