"'Media Tycoon' Rupert Murdoch Resigns as Chairman... 'Time to Do Other Things'"

Global 'media tycoon' Rupert Murdochis stepping down from media management after 70 years.

Murdoch, 92 years old this year, announced on the 21st (local time) that he will retire as chairman of News Corporation (News Corp) and Fox Corporation this November through the media companies he owns. Accordingly, his eldest son, Lachlan Murdoch (52), co-chairman of News Corp, will succeed him.

Rupert Murdoch [Photo by Reuters]

In a memo sent to employees that day, Murdoch said, "I have spent my life chasing news and new ideas every day, and that will not change in the future," adding, "But now it is time to do other things." He also said, "I will participate in the company's 'idea contest' every day," promising to advise on company operations as honorary chairman. Regarding his eldest son Lachlan, who will take over his position, he described him as "a passionate and principled leader."

Originally from Australia, Murdoch entered media management by inheriting a small local newspaper from his father. He later founded Australia's first national daily newspaper and expanded into the UK and the US, becoming the head of a global media empire. He acquired sensational tabloids such as the UK's The Sun and the US's New York Post, as well as influential economic newspapers like the US Wall Street Journal (WSJ), the UK's The Times, and 20th Century Fox.

Raquel Murdoch [Photo by AP Yonhap News]

Currently, News Corp, chaired by him, is the parent company of Dow Jones, which publishes the WSJ, major US publisher HarperCollins, the UK's The Times, and Australia's Euro Broadcasting. He has also been criticized for exerting political influence behind the scenes in countries such as Australia, the UK, and the US through the media companies he owns. According to Forbes, Murdoch's estimated wealth as of 2023 is $17.3 billion (approximately 23 trillion KRW), ranking him 76th among the world's richest people.

Lachlan, Murdoch's successor, stated in a press release, "We are grateful for his vision, pioneering spirit, firm determination, and legacy," adding, "We appreciate that Murdoch will serve as honorary chairman and know that he will continue to provide valuable advice."

This content was produced with the assistance of AI translation services.