Influential media mogul Rupert Murdoch is handing over control of his media empire to his son, Lachlan, at the age of 92.
Murdoch made the announcement during a shareholders’ meeting of News Corp, stating he would remain active within the organisation. The 92-year-old will now assume the title of Emeritus Chairman, with 52-year-old Lachlan becoming the sole Chairman of News Corp.
The global media group, which includes HarperCollins in the US, The Wall Street Journal, Dow Jones, and New York Post, as well as The Sun and The Times in the UK, and The Australian in Australia, is valued close to $10 billion.
The transfer of ownership will continue with the transition of control at Fox Corporation on Friday. Fox Corporation is the parent company of Fox News, popular among American conservatives.
Murdoch addressed concern over the suppression of diverse opinions by elites and boasted about living in a country where dreams aren’t regulated. His media outlets have been accused of aiding the rise of populism in the UK and US, symbolised by Brexit and Donald Trump’s 2016 presidential victory.
Fox News, America’s most-watched cable news network, has faced accusations of spreading misinformation about Covid and providing a platform for unsubstantiated claims of a fraud in the 2020 US presidential election.
These allegations fed into the anger among the most ardent supporters of the Republican party, culminating in the storming of the Capitol on 6 January 2021.
To avoid defamation lawsuits, Fox News paid a settlement of $787.5 million in April to Dominion Voting Systems, a central target of the election fraud theory.
Murdoch also expressed concerns about a rising wave of “virulent anti-Semitism,” following the 7 October attacks on Israel.
He also condemned the “unjust” detention of American journalist Evan Gershkovich, a reporter for the Wall Street Journal, who is currently being held captive in Russia.
