By Ryan Gildersleeve
Robert Murdoch, current chairman of the board for both the Fox Corp. and News Corp., has announced his resignation from both positions effective at some point in November.
Mr. Murdoch’s decision to step down came without a direct warning, but in all reality has likely been looming for some time.
This has been a very difficult year for Fox News in specific, not only losing their biggest tv host and journalist Tucker Carlson, but also losing in their defamation case against Dominion voting systems, paying a $787.5 million sum out when proven guilty.
Mr. Murdoch is expected to hand the reins to his son Lachlan Murdoch, yet does not seem to be of the opinion that the businesses are getting are less valuable.
In a note to his employees, Murdoch stated, “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.”
Time will tell what role Murdoch will play in the future of the businesses, and we’ll keep you updated if and when more information becomes available