His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition solidifies Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. Earlier this year, Fox settled a defamation lawsuit with Dominion Voting Systems for $787.5 million, averting a trial in which Murdoch, Lachlan and Fox executives and hosts were expected to testify. Lachlan was appointed CEO of the new Fox Corp. Murdoch controls News Corp and Fox Corp through a Reno, Nevada-based family trust that holds a roughly a 40% stake in voting shares of each company.

Source: Fox News September 21, 2023 13:35 UTC