Rupert Murdoch retires from Fox News and News Corp and makes way for major media succession – updates

Rupert Murdoch has announced he is stepping down as chairman of his Fox and News Corp.

The media tycoon is set to be replaced by his eldest son Lachlan following the companies’ annual meeting in November.

The 92-year-old said he was in “robust health” and would be appointed chairman emeritus of each company.

In a letter to staff, he said: “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.

“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.”

Mr Murdoch began building his media empire in Australia during the 1950s, and went on to acquire The Sun, The Wall Street Journal, The Times, Fox News and publishing giant HarperCollins.

The announcement of his son Lachlan as successor follows years of speculation which inspired the hit HBO series Succession.

His resignation comes days before  Michael Wolff‘s new book recounting of the recent past and a prediction for the near future of Fox News is released.

Key Points

• Rupert Murdoch to step down as chairman of media empire

• Rupert Murdoch in ‘robust health’

• Murdoch praised as “visionary leader” in reactions to retirement

• Meet Lachlan Murdoch - the heir of Rupert Murdoch’s media empire

21:33 , Natalie Crockett

We’re pausing our live coverage of this story - you can read the full story here

Watch: Fox News anchors hail Rupert Murdoch’s ‘indelible imprint’

21:00 , Tara Cobham

Politicians react to Rupert Murdoch stepping down

20:30 , Tara Cobham

Chancellor Jeremy Hunt has branded media mogul Rupert Murdoch a “formidable operator” while former Labour leader Jeremy Corbyn accused him of presiding over a news empire that “poisoned global democracy”.

Politicians have reflected on the Australia-born businessman’s legacy after he announced he would retire as chairman of his Fox and News Corp companies.

Reaction has been mixed, with the Chancellor describing him as a “defining influence” over the last half century but Mr Corbyn claiming he oversaw the spreading of “disinformation on a mass scale”.

Murdoch, 92, has courted prime ministers and presidents over the course of his 70-year career, with aspiring political leaders in the UK and the US seeking his endorsement.

Rupert Murdoch has left the stage but not the building – not by any stretch

20:00 , Natalie Crockett

Just like that, he has gone. Rupert Murdoch has left the stage.

He is ceasing to play an active role in his media empire, leaving it in the sole charge of son Lachlan, and moving upstairs.

The old toughie has finally conceded to the passage of time and at 92 (92!) he is becoming chairman emeritus of News Corporation and Fox. After more than 70 years, he is calling it a day.

Chris Blackhurst explains that while he has handed over the reins of Succession to eldest son Lachlan, he will still be lurking in the wings — and threatening to walk the floors (whether the new boss and his employees like it or not).

Read the full story here:

Murdoch has left the stage but not the building

Rupert Murdoch’s Succession guide

19:30 , Athena Stavrou

As Rupert Murdoch’s son, Lachlan, takes over his father’s media empire, The Independent looks at theparallelsbetween the Murdoch’s and characters of the hit TV show, Succession.

Jesse Armstrong, the creator of TV series Succession, confirmed that the original script was based on Mr Murdoch, following many years of speculation by fans and media.

Rupert Murdoch’s Succession guide: Is Lachlan a Kendall or a Roman?

Ex-editor of The Sun praises former boss

19:00 , Athena Stavrou

Ex-editor of The Sun newspaper Kelvin MacKenzie has called his former boss, Rupert Murdoch, the “greatest media entrepreneur of this, or any other age”.

Writing on X, formerly known as Twitter, Mr MacKenzie also said: “It will lead to change.”

History of Murdoch’s remarkable empire

18:30 , Athena Stavrou

In 1969, Murdoch took on Fleet Street with the purchase of the News of the World and The Sun, which would both become two of the most successful and best-selling tabloids in the UK.

He went on to purchase The Times and Sunday Times in 1981, while also building his empire in America with the acquisition of the New York Post.

Murdoch later expanded into television to create Fox News Channel, which became the dominant cable news subscription network in the US.

Other assets included The Wall Street Journal, book publishing giant HarperCollins and 21st Century Fox, which was sold to Disney for $71 billion in 2019.

Jeremy Corbyn MP criticises Murdoch’s empire upon resignation announcement

17:50 , Athena Stavrou

Upon his retirement announcement, Jeremy Corbyn MP has criticised Rupert Murdoch’s media empire.

In a tweet Mr Corbyn said: Rupert Murdoch’s media empire has poisoned global democracy and spread disinformation on a mass scale.

“It’s time to break up monopolies and build a truly free media — one that exposes the truth, challenges the powerful and amplifies local voices building a better world.”

Meet Lachlan Murdoch - the heir of Rupert Murdoch’s media empire

17:16 , Athena Stavrou

Rupert Murdoch’s eldest son Lachlan Murdoch will take over from his father as chairman of Fox News and News Corp.

The 52-year-old is eldest son of Murdoch, and his former wife, Scottish journalist and author Anna Maria dePeyster.

Raised in New York City, he received his primary and secondary education at the Aspen Country Day School in Aspen, Colorado, Trinity School in New York City, and at Phillips Academy in Andover, Massachusetts. In 1994, he graduated with a bachelor’s degree in philosophy from Princeton University.

His first job within the firm was at the age of 18, training at the Daily Mirror in Australia.

Four years later he was running his first newspaper in Queensland, Australia, and the following year he became publisher of Australia’s first national paper, The Australian.

By the age of 34, he was the third most powerful executive in News Corp with control over several Fox TV franchises in the US and the New York Post. But in 2005 he stepped unexpectedly aside, following a dispute with colleagues at Fox News.

He spent the next decade developing his own media portfolio separately from his family, before returning to the family fold in 2014 as non-executive co-chairman of News Corp. and 21st Century Fox Inc.

After 21st Century Fox was acquired by Disney in March 2019, Murdoch was also named as the chairman and CEO of the Fox Corporation.

He will now hold the keys of his father’s media empire, including the role of chairman of both Fox Corp and News Corp.

How did Rupert Murdoch’s 70-year-long career begin?

16:51 , Athena Stavrou

Rupert Murdoch began his remarkable 70-year-long career as a reporter and sub-editor on the Daily Express in London.

He was born in Melbourne, Australia, on March 11 1931 to leading Australian newspaper proprietor Sir Keith Murdoch.

Mr Murdoch was educated at Geelong Grammar, one of Australia’s most prestigious private schools, and Oxford University’s Worcester College, before joining the Daily Express.

He returned to Australia when his father died in 1952, leaving him the Adelaide News and Sunday Mail.

The tireless entrepreneur used the two titles as a springboard, building up their circulation and profits so he could buy up other papers, start new ones and move into TV and radio.

By the time he was 33, he had established Australia’s first national newspaper, The Australian, and owned other titles including the Daily Mirror and Sunday Mirror in Sydney, the Sunday Truth in Brisbane, the Sunday Times in Perth and the News in Darwin.

He was also chairman of the Southern Television Corporation and owned two radio stations.

Murdoch thanks “truck drivers” and “cleaners” in resignation letter

16:31 , Athena Stavrou

Rupert Murdoch thanks “truck drivers distributing our papers” and office “cleaners” in his resignation letter.

The 92-year-old informed colleagues in a letter on Thursday of his retirement, noting that he would officially make the transition in November.

In a part of his touching letter, Murdoch wrote: “Whether the truck drivers distributing our papers, the cleaners who toil when we have left the office, the assistants who support us or the skilled operators behind the cameras or the computer code, we would be less successful and have less positive impact on society without your day-after-day dedication.”

Murdoch praised as “visionary leader” in reactions to retirement

16:17 , Athena Stavrou

Rupert Murdoch has been praised as a “bold, brilliant, visionary leader” as reactions to his retirement announcements begin.

Piers Morgan, a former employee of Murdoch’s, was among those paying tribute.

The 58-year-old has worked for a succession of Mr Murdoch’s outlets, and aged 29 he was appointed as the editor of the now defunct newspaper the News of the World by the media mogul.

Writing on X, formerly known as Twitter, Morgan said: “Rupert Murdoch has been a bold, brilliant, visionary leader whose audacity & tenacity built a magnificently successful global media empire.

“It’s been a privilege to work for him on and off for the past 30 years, and an ongoing masterclass in journalism & business. Thanks Boss!”

Rupert Murdoch in ‘robust health’

16:06 , Holly Evans

Rupert Murdoch has said the “time is right” to take on different roles after the 92-year-old media tycoon announced his retirement as chairman from Fox and News Corp.

He wrote in a letter to staff on Thursday: “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.

“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.

“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.

“In my new role, I can guarantee you that I will be involved every day in the contest of ideas. Our companies are communities, and I will be an active member of our community.”

Rupert Murdoch to step down as chairman of media empire

15:48 , Holly Evans

Fox Corporation and News Corporation said Rupert Murdoch’s son, Lachlan, will become sole chairman of the firms after their annual general meetings in mid-November.

He will continue as executive chairman and chief executive of Fox Corporation.

Mr Murdoch will be appointed chairman emeritus of each company.

Lachlan Murdoch said: “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.

“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.”