Media Revolution: Rupert Murdoch's Unprecedented Resignation Sends Shockwaves Across the World!

Rupert Murdoch, the influential media tycoon known for his conservative views, has revealed his decision to resign as chairman of Fox Corporation and News Corporation. Murdoch, 92, expressed in a memo to employees that he will continue to remain active in the realm of news and ideas, but believes it is the opportune moment to embark on new responsibilities, given the exceptional teams in place.

Murdoch, who holds the position of leader for Fox and News Corporation, known for publishing influential broadsheets like The Wall Street Journal and tabloid New York Post, has wielded significant power within the Republican Party for many years, joining a small group of influential figures.

His retirement coincides with a crucial time in the media sector, with established entertainment leaders grappling with a massive overhaul of the traditional television and film industry, while consumers are increasingly drawn to streaming services.

Lachlan Murdoch steps in

Murdoch's resignation as chairman of his companies will have a profound impact on the political sphere, particularly as the race for the 2024 presidency gains momentum. Fox News is currently entangled in legal battles stemming from its dissemination of false information regarding former President Donald Trump's claims about the 2020 election.

Assuming his position, Lachlan, the eldest son of Murdoch and current chief executive of Fox Corporation, will take on the role of sole chairman for both companies. Murdoch praised Lachlan as a committed and ethical leader. While it remains uncertain if there will be any alterations in Fox's trajectory under Lachlan's guidance, Rupert indicated that he will uphold the conservative editorial stance for which their media companies are renowned.

In his memo to employees, Murdoch expressed his father's strong belief in freedom and highlighted Lachlan's unwavering commitment to the cause. He criticized self-serving bureaucracies that aim to suppress dissent and questioned their legitimacy and purpose. Murdoch also pointed out the disdain that elites hold for those outside their privileged class. Additionally, he accused most media outlets of colluding with these elites, prioritizing political narratives over the pursuit of truth. Despite his transition to the role of chairman emeritus, Murdoch assured his staff of his active participation in the ongoing exchange of ideas, emphasizing his robust health.

A storied, controversial career

Despite privately criticizing Trump, Lachlan Murdoch has voiced his disagreement with the former President's behavior, according to individuals familiar with the matter as reported by CNN last year. Murdoch has even gone to the extent of expressing his belief that if Trump were to run again, it would have detrimental effects on the country.

Murdoch initially entered the media industry in the 1950s through the acquisition of a modest Australian newspaper chain. Over time, he expanded his presence and became a significant figure in Hollywood by purchasing Twentieth Century Fox in 1985 for $600 million. In 1986, his foray into the television business included acquiring multiple US television stations and the establishment of Fox Broadcasting.

In 2019, Murdoch made a substantial move by selling a significant portion of his media empire, including the renowned Twentieth Century Fox film studio, to Disney in a monumental $71 billion deal. As a result, he retained a more streamlined broadcast portfolio focused on Fox News and Fox Sports.

Fox News launched in 1996 as a conservative startup competitor to CNN. It eventually became the top cable news channel in America by playing into conservative narratives.

Rupert Murdoch, owner of News Corporation, Ltd. which includes the Fox News Network.

Ben Baker/Redux

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In pictures: Media mogul Rupert Murdoch

Fox News, under Murdoch's leadership, has departed from its original conservative news stance since the rise of former President Donald Trump in the Republican Party back in 2015. It has transformed into a blatant platform for right-wing propaganda, serving to support the scandal-plagued White House.

In more recent times, Fox News has actively promoted unfounded conspiracy theories, including those surrounding the Covid-19 pandemic and the 2020 presidential election.

Fox News faced two defamation lawsuits from voting technology companies Dominion Voting Systems and Smartmatic due to the false information they spread regarding the election.

In a groundbreaking settlement earlier this year, Fox News agreed to pay Dominion Voting Systems a staggering $787.5 million to resolve the defamation lawsuit. On the other hand, the litigation regarding the Smartmatic lawsuit is still ongoing in the court system.

Fox News revealed Rupert Murdoch's retirement during their live broadcast on Thursday morning. Anchor Bill Hemmer expressed admiration for the network's founder, acknowledging his significant impact.

"Rupert Murdoch's vision has shaped not only Fox News but also countless other media outlets in the United States and around the world," Hemmer stated. "His lifelong dedication to the industry has left an unforgettable mark on the global media landscape. We are immensely grateful for the opportunity to have been part of his extraordinary journey, and we extend our heartfelt appreciation to him."

"Without him, we would not be here," anchor Dana Perino added.