Rupert Murdoch, the creator of Fox Broadcasting, is stepping down as chairman of Fox Corporation and News Corp.
The 92-year-old is the owner of hundreds of newspapers and broadcasters, including The Wall Street Journal, The New York Post, The Sun, and The Times.
In a memo to employees, he wrote: “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, knowing that we have truly talented teams.”
What is Rupert Murdoch’s net worth?
Rupert Murdoch’s net worth is estimated to be around $17.4 billion (£14 billion).
Murdoch’s son Lachlan Murdoch will become sole chairman of both companies.
According to Forbes, Murdoch’s net worth makes him the 96th richest person in the world.
