Rupert Murdoch announced Thursday that he will step down as chairman of Fox Corporation and News Corp. Both companies will be headed by his son Lachlan. The 92-year-old media mogul started working in the media industry in the 1950s.
“For my entire professional life, I have been engaged with news and ideas every day, and that will not change,” Murdoch wrote in a memo to employees. “But the time was right for me to take on other roles, knowing that we have really talented teams.”
His son Lachlan Murdoch will become sole chairman of both companies. Rupert Murdoch called his son a “passionate and principled leader.”
Rupert Murdoch’s career
The 92-year-old media mogul started working in the media industry in the 1950s. In 1985, he became one of the most important people in… Hollywood, when he bought Twentieth Century Fox from Marvin Davis for $600 million. In 1986, Murdoch entered the television business after purchasing several American television stations and establishing Fox Broadcasting.
Fox News was created in 1996 as a competitor to CNN. Over time, it became the number 1 news channel on American cable and a bastion of Republican propaganda.
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