Leaving Fox and News Corporation, the Murdoch era of nearly seventy years comes to an end!

After nearly 70 years in his career, Rupert Murdoch, the controversial conservative media tycoon, announced his resignation as chairman of Fox Corporation and News Corp on Thursday, September 21.

The 92-year-old Murdoch, known for his conservative stance, owns several media outlets in the United States, United Kingdom, and Australia, including The Wall Street Journal, The Times, and the British tabloid The Sun. He built a television empire that includes Fox News, a major cable news network in the United States. His influence has made him a prominent figure in conservative politics worldwide and has reshaped the landscape of English-language media and entertainment in Europe and America.

In a statement released on Thursday, the company announced that Murdoch's 52-year-old son, Lachlan Murdoch, will succeed him as the sole chairman of News Corp and continue to serve as the executive chairman and CEO of Fox.

Rupert Murdoch has long been one of the most influential and controversial figures in the media industry, with his media empire shaping public opinion globally.

The Australian media mogul entered the industry in 1954, controlling News Limited, which owned the second-largest newspaper in Adelaide, Australia. His father was a war correspondent and regional newspaper owner.

Since then, he has built his newspaper empire, expanding into the lively tabloid market in the United Kingdom and later in the United States.

In the 1980s, he entered the television industry and acquired a 50% stake in 20th Century Fox from oil tycoon Marvin Davis in 1985. He became a U.S. citizen that same year to meet the requirements of owning a television station in the United States. In 1996, Fox News Channel was launched and quickly became one of the most influential cable news networks in the United States.

While Murdoch's empire thrived in the era of print newspapers, cinemas, cable, and broadcast television, it has not achieved the same level of success in the new media landscape of streaming video, short videos, and user-generated content. At the same time, high-profile scandals have put pressure on his operations. His British media outlets were involved in the phone hacking scandal, and Fox News faced criticism for spreading misinformation during the 2020 election.

About a year ago, Murdoch considered restructuring Fox and News Corp to consolidate his media empire's leadership position and reduce costs. In 2013, Murdoch split News Corp and Fox. The Murdoch family trust controls approximately 40% of the voting rights in both companies. It is reported that the family has accumulated a wealth of over $17 billion as of 2023.

In a letter to Fox employees, Murdoch stated:

Now is the time for me to assume a different role, and our company is as healthy as I am.

He pledged that he would still be "engaged in brainstorming" every day.

In addition to his strong control in the news field, Murdoch's Fox television network acquired broadcasting rights for rugby matches and other sports events at record prices, seizing market share from other well-known networks and changing the landscape of professional sports. Fox News Channel is a powerhouse in the cable television industry and serves as the Republican Party's media stronghold. In his letter to employees, Murdoch still expressed his conservative stance:

The elites openly disdain those who do not belong to their elite class. Most media outlets collude with these elites, peddling political narratives instead of pursuing the truth.