Rupert Murdoch stepping down as head of Fox Corp., News Corp.

NEW YORK (AP) — Magnate Rupert Murdoch’s surprise announcement Thursday that he’s stepping down as leader of his two companies leaves his son Lachlan firmly in line of succession at Fox and the rest of the media empire.

The 92-year-old Australian billionaire’s creation of Fox News Channel has made him an enduring force in American politics. He inherited a newspaper in Adelaide, Australia, from his father in 1952 and eventually built a news and entertainment enterprise dominant in the United States and Britain.

Fox said Murdoch would become chairman emeritus of both the news network’s parent company, Fox Corp., and the News Corp. media holdings, effective in November. Lachlan will become News Corp. chairman and continue as chief executive officer of Fox Corp.

Lachlan Murdoch said that “we are grateful that he will serve as chairman emeritus and know he will continue to provide valued counsel.”

Fox News Channel has profoundly influenced television and national politics since its start in 1996, making Murdoch a hero to some and pariah to others. The 24-hour network converted the power and energy of political talk radio to television. Within six years, it outrated CNN and MSNBC, and still does.

But it’s been a rough year for Fox, which was forced to pay $787 million to settle a defamation lawsuit related to its coverage of false claims following the 2020 presidential election. Fox also fired its most popular personality, Tucker Carlson.

Stock in Fox Corp., while positive this year, began to decline early in 2022, due in part to lawsuits and investor anxiety.

Besides Fox News, Rupert Murdoch started the Fox broadcast network, the first to successfully challenge the Big Three of ABC, CBS and NBC, with shows like “The