Rupert Murdoch Steps Down as Chair of Media Empire, Passes Reigns to Son Lachlan

Conservative global media mogul, Rupert Murdoch, has announced his retirement as chairman of the media empire he has carefully fostered over the years, to hand it over to his son, Lachlan Murdoch. The stable of legacy newspapers, notable tabloids, and big-hitting television networks under his helm has cemented the Murdoch family in world media influence.

Thursday marked the end of a remarkable journey for Rupert Murdoch. From local news in Adelaide, Australia, his media empire transcended continents, a testament to the Australian-born magnate's business excellence. Instrumental in shaping global political narratives, the empire uses platforms such as Fox and Sky networks and newspapers The Sun and The Wall Street Journal.

Lachlan Murdoch, the successor, is executive chair and chief executive officer at Fox Corporation. His ascendancy quells speculations about succession plans, which inspired HBO's "Succession" series.

The transition comes amid a charged environment following the empire's relationship with ex-president Donald Trump and the devastating aftermath. Controversies also precede this handover. Notably, a $787.5 million settlement with Dominion over defamation, following accusations of promoting Trump's false narrative of the 2020 election results.

Despite Rupert Murdoch's retirement and the ensuing change of leadership, media and market analysts foresee possible developments, including a possible merger of the Fox and News Corp. Projections also show an inclination towards maintaining a right-wing editorial direction, as Rupert Murdoch hinted in his farewell message.