Rupert Murdoch will step down as chair of Fox and News Corp, marking the end of an era for the powerful media billionaire.
Lachlan Murdoch, his eldest son, will become sole chair of News Corp and continue as executive chair and chief executive of Fox, from mid-November.
Murdoch, 92, told employees on Thursday that he would remain engaged in the company as chair emeritus.
“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges,” he said in an internal memo viewed by the Financial Times.
However, Murdoch also railed rail against “elites” and the media.
“Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites,” he said.
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