Rupert Murdoch Steps Down: An Era Ends, Another Begins

NEW YORK – The titan of the media world, Rupert Murdoch, has announced his retirement, heralding the close of an epoch that spanned seven decades. Murdoch’s career, which saw a single Adelaide newspaper transform into a global media juggernaut, is unmatched in the annals of journalism.

Rupert Murdoch, the very essence of media moguldry and whose media outlets have been, at times, synonymous with the zeitgeist of nations, is handing over the reins of Fox Corp. and News Corp. to his heir apparent, son Lachlan Murdoch. The younger Murdoch is no rookie, having been by his father’s side in steering the family’s vast media empire which includes heavyweights like Fox News Channel, The Wall Street Journal, The Times, and The Sun.

Murdoch senior’s decision to take an emeritus role, while symbolic, may not signal a complete exit. The 92-year-old mogul still appears to control the pivotal family trust governing both corporations. As for Lachlan, he has long been poised to fill the massive shoes of his father. “We thank him for his vision, pioneering spirit, and enduring legacy,” Lachlan expressed in a heartfelt statement.

Rupert Murdoch and his son Lachlan Murdoch in Sun Valley, Idaho, in 2018.

The Murdoch media empire has recently faced headwinds, with Fox Corp. settling a whopping $787.5 million defamation lawsuit over its 2020 election coverage. This comes on the heels of the controversial departure of Tucker Carlson, the network’s top opinion host. Yet, the media behemoth has navigated storms before, showcasing its knack for adaptation and resilience.

Rupert Murdoch, born in the land Down Under, began his foray into media with the News of Adelaide, eventually stretching his influence to the U.K. and the U.S. His 1986 brainchild, the Fox broadcast network, after initial turbulence, redefined TV, challenging stalwarts ABC, NBC, and CBS.

But Murdoch’s legacy isn’t just about business and ratings. His media outlets have long played political kingmaker. Fox News, in particular, has been an influential voice in American politics, notably during the Trump presidency.

In an emotional memo to his staff, Murdoch senior reminisced, “Whether the truck drivers distributing our papers or the assistants who support us, we would be less successful without your day-after-day dedication.”

The future of the Murdoch media empire remains a hot topic. With Lachlan more aligned with the conservative ethos of Fox News and James Murdoch’s contrasting political leanings, the direction of the family’s media holdings remains intriguing.

The elder Murdoch isn’t disappearing into the sunset though. Promising to remain a daily fixture in the “contest of ideas,” Murdoch said, “When I visit your countries and companies, you can expect to see me in the office late on a Friday afternoon.”