Weekly Prompt: Rupert Murdoch retires and other stories

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Rupert Murdoch to retire from Fox and News Corp

After nearly seven decades, Rupert Murdoch, 92, is stepping down as chairman of the boards of Fox and News Corp, handing over the reins of the global media empire to son Lachlan who will become News Corp chairman and continue as chief executive officer of Fox Corp

Rupert Murdoch will transition into the role of Chairman Emeritus of both companies in mid-November. In a memo to staff he said that the time is right for him to take on different roles, he also stated: "Our companies are in robust health, as am I. We have every reason to be optimistic about the coming years - I certainly am, and plan to be here to participate in them."

Murdoch senior has been one of the most influential and controversial figures in media. He created his global media empire from a small local newspaper in Australia 70 years ago and went on to launch Fox News in 1996 which is now the most watched TV news channel in the US.

News Corp which has headquarters in New York now owns hundreds of local, national and international news outlets including The Wall Street Journal and The New York Post in the US, The Sun, The Times and Sunday Times in the UK and Foxtel in Australia.

Lachlan Murdoch, 52, is one of Rupert’s six children and up until now had served as the executive chair of Fox Corporation and Nova Entertainment. He emerged as the potential heir to the empire back in the late 1990s but left the business in 2005 following a feud with Roger Ailes who was the boss of Fox News at the time. In 2014 Lachlan returned to his father’s media empire and has held senior positions ever since.  He is viewed as continuity for the family businesses, but has pushed aggressively to enter the streaming arena, acquiring the Tubi ad-supported entertainment streaming service in 2020.

The announcement comes after a turbulent year for Rupert Murdoch and his empire, with him recently ditching plans to merge his Fox and News Corp operations.

Sources: BBC News, New York Times, AdAge

Additional prompts

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