Rupert Murdoch is leaving the role of chairman at News Corp and Fox, and son Lachlan Murdoch will take over that role at both companies.
Shares of
News Corp
(ticker: NWSA) and
Fox
(FOX) were higher Thursday.
Murdoch, 92, said in an email received by staff at Barron’s, which is owned by Dow Jones, a unit of News Corp, that he will become chairman emeritus. His eldest son will take the helm as sole chairman.
“We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies,” Lachlan said in a news release Thursday.
Murdoch took control of News Limited in the 1950s. From there, the media mogul went on a path of expansion over the decades through different mediums that has included print, television and even film.
News Corp was established in 1980 as a holding company and in 2007, News Corp acquired Dow Jones, which owns Barron’s, The Wall Street Journal, and MarketWatch.
“I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me,” Murdoch wrote.
Write to Angela Palumbo at [email protected]
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