Rupert Murdoch

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Rupert Murdoch’s surprise exit from Fox leaves son Lachlan in line of succession at media empire

NEW YORK (AP) — Magnate Rupert Murdoch’s surprise announcement Thursday that he’s stepping down as leader of his two companies leaves his son Lachlan firmly in line of succession at Fox and the rest of the media empire.

https://apnews.com/article/murdoch-fox-quit-emeritus-30286a4a3107b7bde612adbfc7891958?

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New media order

Photo illustration: Natalie Peeples/Axios. Photos: Yvonne Hemsey, Stan Meagher, Bettmann/Getty Images

Rupert Murdoch's decision to step down as chair of both his global television and publishing empires marks the start of a new world order in media. Why it matters: By naming his eldest son, Lachlan, as his successor, Murdoch, 92, ensures the conservative bent of Fox Corp. and News Corp. will live on — but maybe not forever, Axios' Sara Fischer writes. ?️ The big picture: The Australian-born Murdoch built his media empire on an old-school foundation of newspapers and cable television. Now it'll be up to Lachlan, 52, to keep that empire thriving without Rupert Murdoch's personal influence or dealmaking — and in a dramatically different era for media. The intrigue: Four of Murdoch's children — Lachlan, Elisabeth, James and Prudence — are equal beneficiaries of a trust that owns roughly 40% of voting stakes in News Corp. and Fox Corp. After Murdoch's death, the future of both firms will be left to his children, who are politically divided. James Murdoch, who once was considered a contender to take over the family business, resigned from the board of News Corp. in 2020, citing disagreements over editorial content published by The Wall Street Journal and New York Post. Rupert and Lachlan Murdoch at Super Bowl LI in Houston in 2017. Photo: Robert Deutsch/USA Today via Reuters Murdoch built his fortune through a series of pragmatic and ruthless maneuvers that earned him a reputation as one of the most successful dealmakers in media history. His decision to go all-in on NFL rights in the 1990s helped him successfully build a fourth broadcast competitor to CBS, NBC and ABC. News Corp.'s $5 billion acquisition of The Wall Street Journal's parent company, Dow Jones, in 2007 cemented Murdoch's dominance in U.S. publishing. Murdoch personally netted $12 billion after selling his entertainment empire to Disney in 2019, for $71 billion. Rupert Murdoch arrives at News International in London Bridge in June. Photo: Neil Mockford/GC Images via Getty Images ? Reality check: High-profile scandals tinge Murdoch's legacy. The U.K. phone hacking scandal led to the 2011 closure of Murdoch's News of the World tabloid, one of Britain's oldest newspapers. It cost Murdoch and News Corp. shareholders $1.4 billion, per Press Gazette. Fox News' historic $787.5 million settlement with Dominion Voting Systems in April marked the biggest media defamation settlement in history. Fox now faces another $2.7 billion case brought by election technology company Smartmatic over post-election falsehoods. Go deeper: Murdoch career timeline ...