• Rupert Murdoch announces his retirement at age 92, with son Lachlan Murdoch taking over as Chairman of Fox News and News Corporation.
  • Murdoch's media empire began in 1954 and includes acquisitions such as News of the World, The Sun, and 21st Century Fox.
  • The Murdoch family's net worth has fluctuated in recent years, with Forbes reporting a peak of $23.5 billion in 2021 and a decrease to $17.1 billion in 2023.

Australian media tycoon Rupert Murdoch announced his retirement from Fox News and News Corporation on September 21, indicating son Lachlan Murdoch would be taking over as of mid-November. Murdoch's decision to retire at the age of 92 was confirmed in a statement issued by News Corp. on that date.

News Corp. added that Rupert Murdoch would be "appointed Chairman Emeritus" at both companies, at the end of a career "that began nearly 70 years ago in 1954." Son Lachlan Murdoch was quoted in the statement on his father's retirement and new role as "Chairman Emeritus":

“On behalf of the FOX and News Corp boards of directors, leadership teams, and all the shareholders who have benefited from his hard work, I congratulate my father on his remarkable 70-year career. We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted. We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies.”

Related: Newsroom Fortunes: The 10 Richest News Anchors in the World

According to ABC News, Rupert Murdoch inherited a small newspaper based in Adelaide, Australia in 1952. From there, he began building his massive (and often controversial) media empire with strategic acquisitions:

"He went on to acquire the United Kingdom-based News of the World and The Sun in the late 1960s, and soon after expanded his media empire to the U.S. with acquisitions of the New York Post, New York Magazine and The Village Voice ... In 1985, he made a major investment in film and television with the purchase of 21st Century Fox as well as a host of regional TV stations in the U.S. The following year, the Fox Television Group was created, and a decade later the company launched Fox News, the Fox Corporation said."

Related: These Are The Biggest Billion-Dollar Mergers And Acquisitions In The World, As Of 2022

The Murdoch family has long been one of the wealthiest families in the world. Their net worth peaked at a vast $23.5 billion in 2021, dipping to $20.8 billion in 2021 -- and again to $17.1 billion in 2023. Forbes reported that Murdoch sold off "most of Fox's movie studio, FX, and National Geographic Networks and its stake in Star India to Disney for $71.3 billion in March 2019."

News about Rupert Murdoch passing the torch to son Lachlan might sound eerily similar to the plot to HBO's Succession – and according to New York Magazine, the parallels are purposeful. In an article, the outlet identified several Succession scenes and storylines inspired by the Murdoch family.

One of the examples contrasted a scene from Succession involving testimony before Congress with a real-life hearing involving the Murdochs in 2011:

" ... Several scenes from Kendall and Logan’s testimony before Congress on the cruise division scandal are almost word-for-word recreations of moments from Rupert and James Murdoch’s 2011 testimony before a committee of the British Parliament on the News Corp. phone-hacking scandal ... For example, Murdoch said in his testimony[:] 'I would just like to say one sentence. This is the most humble day of my life.' ... [Succession character Logan] Roy told the Senate[:] “When I read of the abuses of power alleged in my cruise division, well, that was the worst day of my life.”

Related: The Cast Of HBO's 'The White Lotus', Ranked By Net Worth

The Hollywood Reporter tweeted about a "farewell note" Murdoch wrote to his employees. The elder Murdoch was quoted as saying in part:

"Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth."

Ongoing coverage by New York Times indicated Rupert Murdoch retained a "controlling vote" on all matters related to the future of his media empire until the time of his death. After that, "each of Mr. Murdoch’s four eldest children" — Lachlan Murdoch, Elisabeth Murdoch, James Murdoch and Prudence Murdoch — would be granted an "equal vote." The outlet added that "Lachlan Murdoch has so far represented continuity for the family companies," despite his fondness for "tattoos" and "leather boots."

Next: Beyond the Mic: A Look At The Many Business Ventures Of Jay-Z