The measure comes into effect at the next general meeting of the shareholders of the two companies in mid-November, after which Murdoch will become the "honorary" chairman of the two groups.
"On behalf of Fox and News Corp's boards, management teams and all the shareholders who have benefited from his hard work, I congratulate my father on his brilliant career of 70 years," Lochlan Murdoch told the press. He praised Rupert Murdoch's "entrepreneurial spirit", his "unwavering determination" and "enduring legacy", saying he was counting on his "valuable advice".
The retirement of the head of the Fox Empire, whose round-the-clock news channel Fox News occupies a central position for conservatives, comes at a crucial moment as the 2024 U.S. presidential election approaches, in which Donald Trump is the frontrunner to win Republican representation in the presidential race.
The 787 man retires five months after Fox News was forced to agree to pay a whopping $5.2020 million to electronic voting machine maker Dominion Voting Systems to avoid an embarrassing defamation lawsuit after the <> presidential election.
In the process, one of the star presenters, Tucker Carlson, left the channel, which has since lost some of its audience.