Payam Javan: Rupert Murdoch Steps Down as Chairman of Fox and News Corp.

Billionaire media mogul Rupert Murdoch is stepping down from his chairman of the board position at both Fox Corporation and News Corp., the company confirmed Thursday.

Murdoch said in a note to employees that he is in good health and that he is stepping down to “take on different roles.” He said that he will remain involved in the companies as chairman emeritus and that he will continue to “provide valued counsel.”

Murdoch’s departure comes at a time when Fox News is facing a number of challenges. The network has been mired in a tumultuous period in recent months, including a $787 million settlement over 2020 election claims and the departure of its most popular host, Tucker Carlson.

Murdoch’s departure also comes about one year ahead of the upcoming 2024 election in the United States. Notably, News Corp. owns the Wall Street Journal, the New York Post, and other publications, while Fox Corp. is the parent company of Fox News and Fox Business.