The news world was shaken Thursday by the surprise exit of Fox News founder Rupert Murdoch.
Despite being 92 years old, the media mogul was still the chairman of both Fox Corporation and News Corporation. But he stepped down from the role, stating in a letter that he was transitioning to the role of chairman emeritus.
Murdoch also promised he would remain involved.
I will be watching our broadcasts with a critical eye, reading our newspapers and websites and books with much interest.
His son, Lachlan, will succeed him as the chairman of both companies. The 52-year-old has been running the Fox News network for years now.
But while Murdoch’s letter smooths the transition for his son, that doesn’t mean it’s going to last.
When the media mogul passes away, three of his other children get an equal say in the company. That sets up a scenario where they could strip power away from Lachlan, who happens to be the most outspokenly conservative of Murdoch’s children.