Rupert Murdoch, Whose Creation of Fox News Made Him a Force in American Politics, is Stepping Down

NEW YORK (AP) — Rupert Murdoch, the 92-year-old Australian media magnate whose creation of Fox News made him a force in American politics, is stepping down as leader of both Fox’s parent company and his News Corp. media holdings.

Fox said Thursday that Murdoch would become chairman emeritus of both companies, effective at board meetings in November. His son, Lachlan, will become News Corp. chairman and continue as chief executive officer of Fox Corp.

Lachlan Murdoch said that “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel to both companies.”

Besides Fox News, Murdoch owns The Wall Street Journal, the New York Post, and other media outlets.

Fox News Channel has profoundly influenced media and the nation’s politics since its start in 1996, making Murdoch a hero to some and pariah to others. The 24-hour network converted the power and energy of politically centered media. Within six years, it outrated CNN and MSNBC.

But it has been a rough year for Fox, which was forced to pay $787 million to settle a defamation lawsuit related to its coverage of false claims following the 2020 presidential election. Shortly after, Fox fired its most popular personality, Tucker Carlson.

Stock in Fox Corp., while positive this year, began to decline early in 2022, due in part to lawsuits and also investor anxiety over the loss of viewers to smaller media outlets.

Murdoch vowed in a letter to employees that he would remain engaged at Fox.

“In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” Murdoch wrote. “Our companies are communities, and I will be an active member of our community. I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest.”

There was no immediate word on why Murdoch’s announcement came now. Ironically, it is the week author and Murdoch biographer Michael Wolff is publishing a book, “The End of Fox News,” speculating on what will happen to the network when the patriarch is gone.

He built his empire from a single newspaper in Adelaide, Australia, inherited from his father and became a multi-billionaire. Forbes estimated the Murdoch family’s net worth at roughly $19 billion in 2020.

While Murdoch never ran for political office, politicians in the United States and Britain anxiously sought his approval. He had a complicated relationship with Donald Trump. Wolff reported in 2018 that Murdoch had called Trump an “idiot,” but Fox News has an audience that largely admires Trump.

After Fox briefly seemed to tout the candidacy of Florida Gov. Ron DeSantis in the current election cycle, that has faded along with DeSantis’ prospects.

Shares of News Corp. and Fox rose Thursday in early trading.