Rupert Murdoch, the media mogul who has steered News Corporation for decades, is now passing the reins to his son, Lachlan Murdoch.

It’s a significant transition that marks a new era for the media giant, with Lachlan poised to lead Fox into an ever-evolving media landscape.

The 92-year-old, one of the world’s most influential media barons, made the announcement in an email to his staff.

“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,” he said.

With Rupert Murdoch’s tenure at the helm, Fox Corporation has grown to be a global media powerhouse, encompassing television, film, and digital platforms. Lachlan, who has been a key figure within the company, is well-prepared to continue this legacy of success.

His experience in various leadership roles within the organization, including serving as co-chairman, has positioned him as a natural successor.

Under Lachlan’s leadership, Fox Corporation is expected to focus on digital expansion and adapt to changing consumer preferences. Streaming services, in particular, will be a key area of emphasis, as the company strives to compete with other streaming giants in the market.

Industry moves

This shift towards digital platforms aligns with the broader industry trend, as more viewers opt for online content over traditional cable television.

Lachlan’s vision for Fox also includes further investments in news and sports programming, areas where the company has traditionally excelled. As the media landscape becomes increasingly competitive, maintaining a strong presence in these domains will be crucial.

Mr Murdoch praised Lachlan as a “passionate, principled leader” in a move that solidified him as his successor.

“Our companies are in robust health, as am I. Our opportunities far exceed our commercial challenges,” he told staff.

“We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them.”

As Rupert Murdoch steps down and Lachlan Murdoch assumes the leadership of Fox Corporation, the media giant is poised for a new chapter.

Lachlan Murdoch congratulated his father on his “remarkable 70-year career”.

“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted,” Lachlan said.

“We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”