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Rupert Murdoch cedes control of his media empire to his son

The world’s most famous media mogul, Rupert Murdoch, is stepping down as chairman of Fox Corporation and executive chairman of News Corp and handing the reins over to his son.

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Murdoch’s companies operate some of the best-known news brands in the UK, US and Australia.

The formal handover will take place in November, when his son Lachlan takes charge of both organizations.

In a statement, the 92-year-old media mogul said he was in good health and proud of what his companies have achieved over the past decades.

Murdoch began his newspaper career at the age of 22 when he inherited half the shares of two newspapers in the Australian city of Adelaide. He eventually became the most powerful media mogul in the world.

He now plans to serve as chairman emeritus of Fox Corporation and News Corp.

“I’ve been busy with news and ideas every day of my working life and that’s not going to change,” said Rupert Murdoch.

“But the time is right for me to take on other roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan, who will become the sole chairman of both companies,” he said. -he adds.

In the letter, he thanks “the truck drivers who deliver our newspapers, the janitors who work when we leave the office, the assistants who support us, and the experienced operators behind the cameras or computer codes.”

“Our businesses are healthy, and so am I,” the media mogul said.

Meet Lachlan Murdoch

Rupert Murdoch’s son Lachlan will become sole chairman of News Corp and remain CEO of Fox. Lachlan Murdoch is the second of Rupert’s children, born in 1971.

Lachlan Murdoch served as executive chairman of Fox and Nova Entertainment.

Lachlan was reportedly a major contributor to the creation of the FOX channel by 21st Century Fox. He also led FOX’s transformation into a standalone public company.

He has been involved in investment and organizational work at many of the world’s leading publishing companies.

His net worth is estimated to be around $3.3 billion, according to the Australian Financial Review.

Source: delfi

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