The world's number one media magnate is leaving his post

Rupert Murdoch, the founder of Fox News, The Wall Street Journal, The Times and many other popular media, built the world's most influential media empire during his 70-year career, at the age of 92, handed over the management of two of his main companies to his son. announced that he will take the position of honorary chairman. The world's most famous media magnate Rupert Murdoch has announced that he will hand over the chairmanship of Fox Corporation and News Corp to his son Lachlan. The 92-year-old businessman's companies own some of the best-known news brands in the US, UK and Australia. Rupert Murdoch said in a statement that his companies are as healthy as he is, and that he is proud of what they have achieved in recent decades. He will officially hand over his powers to his son in November. Murdoch started his media career at the age of 22, working as a newspaperman. At that time, he inherited half shares of two newspapers in Adelaide, Australia, from his journalist father. 70 years later, old Rupert is stepping down as the world's most influential media mogul. The investor wants to take the positions of chairman emeritus at Fox Corporation and News Corp. Rupert Murdoch commented on his new position, "I have been busy with news and ideas every day throughout my professional life, and nothing will remain the same for me in this respect." He described his son Lachlan as a "passionate, principled leader". In a letter to the employees of his company, Murdoch thanked "the truck drivers who deliver our newspapers, the cleaners who continue to work when we leave the office, the assistants who support us, and our experienced operators behind the cameras or computer code." Rupert Murdoch was born in 1931 in Melbourne, Australia. He owns hundreds of local, national and international media outlets around the world through News Corp. These include The Sun and The Times in Britain, The Daily Telegraph, Herald Sun and The Australian in Australia, The Wall Street Journal, New York Post and HarperCollins (publisher) in the US. Fox News, founded by Murdoch in 1996, is the most-watched news channel in the United States. It also owns Sky News Australia in Australia. Until 2018, the British media and communications conglomerate Sky, and until 2019 the American video production conglomerate 21st Century Fox were also owned by Rupert Murdoch. According to the latest ranking of Forbes, Rupert Murdoch and his family are the 99th richest people in the world with a fortune worth $17.1 billion. The resignation of the media magnate coincides with a troubled year for Fox Corporation. The corporation agreed to pay Dominion $787.4 million in April. The company, which develops electronic voting systems, sued Fox over errors in its coverage of the 2020 US presidential election. At the moment, Fox News is facing legal proceedings in another case. Another company that supplies voting technology, Smartmatic, wants to collect an even bigger sum - $2.7 billion from the TV company. Succeeding his father is Lachlan Murdoch, born in 1971, Rupert's second son. He is said to have made a significant contribution to the establishment of 21st Century Fox. He oversaw Fox's transition to becoming a publicly traded company. During his career, he gained experience working on investments and organizational issues in well-known publications of the world. The Australian Financial Review estimated his personal capital at about $3.3 billion.