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.” Rubert Murdoch wrote in a letter Thursday
The Fox era under Rupert Murdoch is officially over. Murdoch announced he is stepping down from his chairman’s role at the top of the Fox Corp. and News Corp. boards after a 70-year career. His son, Lachlan Murdoch, will take over both chairmanships while continuing as executive chair and CEO.
What does this mean for Fox News? Political shifts could ensue with Lachlan reported to be even more conservative than his father and shown influencing Fox News towards the right during the Trump administration. Some have credited the network’s promotion of false election fraud claims to Lachlan which resulted in a $787.5 million defamation lawsuit settlement with Dominion Voting Systems. Some viewed the transition in a positive light, with News Corp. stock shares shooting up after the announcement. The number one cable news network under Lachlan could help Donald Trump ahead of the 2024 election. Shortly after Fox announced Murdoch’s retirement, several MAGA supporters took to X (formerly Twitter) to celebrate, while others criticized the Murdoch family.
What happens now? Rubert Murdoch will be appointed chairman emeritus when the transition is made official in November. The media giant continues to face a plethora of lawsuits as it transitions chairmans. New York City’s pension funds and the state of Oregon sued Fox Corporation earlier this month, accusing the Fox News’ parent company of harming shareholders by opening itself up to defamation lawsuits, and is facing a defamation claim from the voting company Smartmatic seeking $2.7 billion in damages. It is unclear how the change in leadership could influence Fox’s coverage, especially as presidential campaigns ramp up in advance of the 2024 primaries.
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