Rupert Murdoch hands leadership of media empire to son Lachlan

AFP | New York     

The Daily Tribune – www.newsofbahrain.com

Rupert Murdoch will step down as chairman of his media empire, a conservative behemoth that helped shape politics around the world, and hand control to his son Lachlan, Fox Corp. and News Corp. announced yesterday.

The Australian - born 92-year-old, who built a global entertainment and news juggernaut that shaped events from Brexit to the rise of Donald Trump, will shift into an emeritus status at both companies in mid-November, the companies said.

“I am writing to let you all know that I have decided to transition to the role of Chairman Emeritus,” Murdoch said in a letter to colleagues, according to a story on Fox News’ website. “Neither excessive pride nor false humility are admirable qualities. But I am truly proud of what we have achieved collectively through the decades, and I owe much to my colleagues.”

The announcement marks a major transition for a singular figure who rose from the world of local news in Adelaide, Australia, before purchasing legacy tabloid and broadsheet newspapers in the United States and Britain and establishing hugely popular cable television operations.

Along the way, Murdoch has become an influential power player in global politics thanks to a news division that often blurred the line between commentary and journalism, championing right-wing voices who sometimes disregarded facts in promoting partisan narratives.

The transition of leadership to Murdoch’s son Lachlan, executive chair and chief executive officer at Fox Corporation, follows a period of intense speculation about the media empire’s transition plans that proved inspiration for the fictionalized and highly-rated “Succession” series on HBO.