Rupert Murdoch resigns from media empire
Rupert Murdoch announced he is stepping down as chairman of his Fox News and News Corp global media empire, and relinquishing control to his son, Lachlan Murdoch, in a succession that raises questions about the influence of the Murdoch dynasty in the 2024 US elections and beyond.
Over his 70 year career, Murdoch dominated conservative media baron in the US, UK and Australia, using his outlets to sway the political pendulum to the right and act as a kingmaker within the Republican Party. Fox News was instrumental in bringing Donald Trump to power in 2016.
The transition comes at a difficult time for the conglomerate, which paid out a $787.5 million settlement and faces multiple shareholder lawsuits over spreading misinformation during the 2020 elections. It is also seeing ratings stagnate as viewers move towards extreme outlets like Newsmax and individual creators like Tucker Carlson– whom Fox ousted earlier this year.
Ahead of the 2024 election, whether Fox News will be able to maintain its power without Murdoch and amidst a more competitive and decentralized political media landscape remains to be seen.