Fox News founder Rupert Murdoch is stepping down from his chairman's role at the top of the Fox Corp. and News Corp. boards, he announced in a letter Thursday.
In the note to employees, Murdoch, 92, wrote that his son Lachlan will become the "sole chairman of both companies." Rupert will become chairman emeritus of the companies, Murdoch said in the letter, which Newsweek obtained.
"I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus at Fox and News," Murdoch said.
"For my entire professional life, I have been engaged daily with news and ideas, and that will not change," he wrote. "But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.
He went on: "Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me."
Lachlan, who will continue as CEO of Fox Corp., Fox News' parent company, also released a statement.
"On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career," he wrote.
"We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies," Lachlan said.
Rupert Murdoch previously made headlines this year when Fox Corp. was sued over the company's alleged broadcasting of lies about the 2020 presidential election. New York City's pension funds and the state of Oregon sued Fox Corp. in September. The lawsuit accuses Fox Corp. of harming shareholders by opening itself up to defamation lawsuits, including the one Fox News agreed to settle with voting machine company Dominion Voting Systems for nearly $800 million in April.
The lawsuit against Fox News and its parent company by Dominion was one of the first defamation claims filed after former President Donald Trump and his allies spent weeks falsely claiming the 2020 election was stolen.
Update 9/21/23, 10:20 a.m. ET: This story was updated to say that Newsweek obtained a copy of Rupert Murdoch's letter.
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