Rupert Murdoch is exiting Fox and News Corp as Chairman.
The 92-year-old will continue to provide “valued counsel” in a new role as chairman emeritus.
His son, Lachlan will become the sole chair of News Corp and continue as executive chair and CEO of Fox Corporation.
In a memo, Rupert said, “Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.”
He called Lachlan a “passionate and principled leader.”
Lachlan said, “We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted.”
In 1992, Rupert Murdoch’s News Corp. purchased 63.6% of Star India, followed by the purchase of the remaining 36.4% in 1993. Disney acquired the Star India business from News Corp. back in 2019.