Media mogul Rupert Murdoch is stepping down as the chairman of Fox Corp. and News Corp. Fox Corp. and News Corp. said Thursday that Murdoch would step aside as chairman of both companies, effective as of their annual meetings in November. His son Lachlan Murdoch will continue to lead the two companies.
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00:00 Media mogul Rupert Murdoch is stepping down as the chairman of Fox Corporation and News Corporation.
00:05 Foxcore and NewsCore said Thursday that Murdoch would step aside as chairman of both companies,
00:10 effective as of their annual meetings in November. His son Lachlan Murdoch will continue to lead the
00:15 two companies. Lachlan Murdoch said in a statement, "On behalf of the Fox and NewsCore boards of
00:20 directors, leadership teams, and all the shareholders who have benefited from his
00:24 hard work, I congratulate my father on his remarkable 70-year career. We thank him for
00:28 his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves
00:33 to the companies he founded and countless people he has impacted." He continued, "We are grateful
00:38 that he will serve as chairman emeritus and know he will continue to provide valued counsel to
00:43 both companies." Lachlan Murdoch had already taken over much of the family business, serving as CEO
00:48 of FoxCore and as co-chairman of NewsCore. In a letter to employees, Rupert Murdoch noted that
00:52 both he and his companies are in "robust health." However, he also said that he believes the battle
00:57 for freedom of speech and, ultimately, the freedom of thought has never been more intense.
01:02 He ended the letter by writing, "I urge you to make the most of this great opportunity to improve
01:06 the world we live in." For more on this story, head to THR.com. This is The Hollywood Reporter News.