"We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies," said Lachlan Murdoch in a statement.
In a letter obtained by Reuters, Rupert Murdoch reassured Fox employees about the health of the companies, stating, "We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense."
This announcement comes just months after Murdoch abandoned plans to merge Fox and News Corp, marking a significant development in the media landscape. Rupert Murdoch's influence on the media industry is undeniable, with Fox News and other media outlets under his ownership playing a pivotal role in shaping American media over the years. He also owns prominent publications such as the Wall Street Journal and the New York Post.
As Lachlan Murdoch takes the helm, the industry will be watching closely to see how he continues to navigate the complex and evolving media landscape that his father helped define.