Rupert Murdoch stepping down as chairman of media empire after 70 years

Rupert Murdoch has announced that he is to step down as the chairman of Fox and News Corp after 70 years in the business.

The 92-year-old billionaire will now take up the role of Chairman Emeritus, as his son Lachlan takes over the role of chairman for both of the companies.

In a statement, the younger Murdoch said: “On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career.

“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.

“We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies”.

Steven Ferdman/Getty

In a memo to his employees, Rupert said: “For my entire professional life, I have been engaged daily with news and ideas, and that will not change.

“But the time is right for me to take on different roles, knowing that we have truly talented teams.”

Murdoch first entered the newspaper business in the 1950s, taking over from his father at Adelaide-based The News.

During the next few decades, Murdoch bought up a number of newspapers in his homeland and in New Zealand, before branching out into the UK in 1969, buying the News of the World.

After that, he also purchased The Sun.

In the 1970s, he continued the global expansion of his operations into the USA, whilst keeping his interests in the UK and Australia.

In 1985, Murdoch became a US citizen, giving up his Australian citizenship so that he could fulfil the requirement to own US TV channels.

News Corporation was formed in 1979, and over the years has owned or continues to own publications like The Times, the New York Post, the Boston Herald, and the Chicago Sun-Times.

In 1996, Fox News channel was launched, and continues to broadcast around the USA and the globe to this day.

Jean Catuffe/Getty

There have been many controversies over the years, including the UK phone hacking scandal in 2011, which centred around the hacking of the phone of a murdered teenager, Milly Dowler.

That eventually led to the closure of the News of the World.

In 2017, The Walt Disney Company bought most of 21^st Century Fox for $52.4 billion.

Murdoch is believed to have a net worth of around $17.4 billion.

He has been married four times over his lifetime and has six children.

His son Lachlan, who succeeds him as chairman, is 52 years old.