Media Mogul Rupert Murdoch has announced his retirement from the Fox and News Corporation Boards, the
New York Times reported.
His son Lachlan will become the sole executive in control of the worldwide media empire following Murdoch's announcement.
A person with knowledge of the situation said that the elder Murdoch will now lead the two businesses as chairman emeritus, the New York Times reported.
"I am writing to let you all know that I have decided to transition to the role of chairman Emeritus at Fox and News. 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 and a passionate, principled leader in Lachlan who will become sole Chairman of both companies," Murdoch said in a note to employees as he announced his retirement.
The letter is posted by journalist Piers Morgan on his social media handle X.
"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, whose contributions to our success have sometimes been unseen outside the company but are deeply appreciated by me," Murdoch wrote.
Murdoch created his media empire from a small local newspaper concern in Australia starting 70 years ago. -- ANI