(Finance) – Rupert Murdochthe undisputed king of the world media, leave the helm of Fox News And News Corpannouncing his resignation and the passing of the baton to his son Lachlan Murdoch, who will assume the presidency. A great success story that of the Australian who came from nowhere 70 years ago and became one of the most influential and powerful men in the world, at the head of a media empire of gigantic proportions. A story that ends like many others, with a retirement.
“Our companies are in good health, and me too. For us the opportunities far outweigh challenges economical. We have every reason to be optimistic about the coming years”, declared Murdoch-father, in his letter of resignation, assuring “I intend to participate actively. But the battle for freedom of expression and, ultimately, freedom of thought, has never been as bitter as it is now.”
Murdoch-son congratulated his father “for his 70 years of extraordinary career” and added “we thank him for his vision, his pioneering spirit, his unwavering determination and the lasting legacy he leaves to the companies he founded and the countless people with whom he impact. We are grateful that he will serve as Chairman Emeritus and know that he will continue to provide valuable counsel to both companies.”
The resignation will be formalized at the next meeting shareholder meetings in mid-November. Murdoch will be nominated President Emeritus of each company. Following the annual general meetings, Lachlan Murdoch will become sole chairman of News Corp and will continue to serve as executive chairman and chief executive of Fox Corporation.