Rupert Murdoch steps down as News Corp, Fox chair
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The news: Rupert Murdoch has stepped down as the chairman of News Corp and Fox Corp, ending a more than seven-decade career during which he created a global media empire.
The numbers: The 92-year old Murdoch controls News Corp and Fox Corp through a Nevada-based family trust that holds a roughly 40% stake in voting shares of each company. Shares in News Corp rose 1.3% overnight, while Fox Corp shares ended 3.2% higher.
The context: The decision solidifies Murdoch’s elder son Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. Lachlan Murdoch will become the sole chairman of News Corp and continue as the chair and CEO of Fox. Earlier this year Rupert Murdoch scrapped a plan that would have reunited his media empire by merging Fox and News Corp, after several top shareholders rejected the proposal.
The source: Reuters
