Rupert Murdoch will step down from his roles as chairman of Fox and News Corp and will cede the sole leadership of the companies to his son, Lachlan.
The elder Murdoch willat both companies by November, the company said in a statement, and take on a new title as chairman emeritus. Lachlan will now become the sole chairman of News Corp while also retaining his position as executive chairman and CEO of Fox.
Investors reacted positively to the news with News Corp shares up nearly 1 percent as of 11:02 a.m. ET, while Fox shares jumped nearly 2 percent. Murdoch began his career in his home country of Australia, inheriting his father's newspaper business in the 1950s and growing the business to a global media conglomerate with a presence in Europe, Asia and the United States.
Fox News, founded in 1996, has grown to become one of the most influential cable news outlets in the United States and a powerful voice in American politics. News Corp owns some of the most influential newspapers in the world, such asRupert Murdoch with his son Lachlan Murdoch. The elder Murdoch announced will step down from his roles as chairman of Fox and News Corp and will cede the sole leadership of the companies to Lachlan.