Media mogul Rupert Murdoch is retiring from the news and entertainment conglomerate he began seven decades ago — serving now as Chair of Fox Corporation and Executive Chairman of News Corp — and will become chairman emeritus of both companies.
Per The New York Times, Rupert’s son Lachlan will soon be the sole executive of both Fox and News Corp. According to The Wall Street Journal, which is part of Murdoch’s media empire, the 92-year-old will officially retire in November at the company’s annual meeting.
“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,” Rupert Murdoch wrote in a memo to staff, The Journal reported.
“Our companies are in robust health, as am I,” Murdoch added. “Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years.”
Murdoch started his business with an Australian newspaper, growing the company over the last 70 years to a business worth more than $11 billion.
This is a developing news story please check back for updates.
Read the full article here