Rupert Murdoch says ‘best yet to come’ for News Corp
Lachlan Murdoch has officially taken over as News Corp’s sole chairman, with Rupert Murdoch chairman emeritus.
News Corp chairman emeritus Rupert Murdoch has said “the best is yet to come” for the global media empire, and he plans to continue an active role after his eldest son, Lachlan, took over as its sole chair.
Mr Murdoch, the executive chairman of News Corp and chairman of Fox Corporation, announced in September he would step down from all of his roles at the annual meetings of shareholders.
At News Corp’s annual meeting, held overnight on Thursday Australian time, Mr Murdoch noted the importance of the social purpose of journalism.
“As you know, I am moving to the role of Chairman Emeritus, and Lachlan will become the sole Chair of News Corp. Lachlan is a principled leader, and a believer in the social purpose of journalism. I hope to continue an active role in the company,” Mr Murdoch said.
“There is no doubt that we should all be concerned about the suppression of debate by an intolerant elite who regard differing opinions as anathema.”
Mr Murdoch also spoke of the “high destiny” of humanity.
“My life has certainly been fortunate. We are blessed to live in a country where dreams are not yet subject to regulation. There are so many inspiring stories around us of those who have created much social good from humble beginnings.
“Like my father, I believe that humanity has a ‘high destiny’, and Lachlan certainly shares that belief. That sense of destiny is not just a blessing but a responsibility.”
The global media company - which publishes The Australian - has transformed since a restructure in 2013.
“Over the decade since News Corp was reborn, we have been on a trajectory of positive transformation, one that has made the company stronger and more prosperous, and given us a robust platform for future growth”, Mr Murdoch said.
“Our last three years have been our most profitable despite the complications of higher interest rates and economic uncertainty, and I am confident that the best is yet to come.”
News Corp last week described a “sterling” start to the financial year, with revenue and profitability on the rise.
Chief executive Robert Thomson paid tribute to Mr Murdoch and Lachlan as the sole chair of News Corp.
“On behalf of all employees at News Corp, I want to express our sincere appreciation for all that you have achieved for News Corp, for journalism and for the societies in which we operate. As you indicated, the journey is far from over and there is much more productive toil ahead,” Mr Thomson said.
“And I welcome our Chair, Lachlan, a leader of genuine principle whose commitment to the cause of the company and to social improvement is patently obvious to all who have the privilege of working alongside him.”
Mr Thomson said the company had transformed in the decade since the “new” News Corp’s existence, noting the vast increase in high-margin recurring digital subscription revenues.
News Corp Australia achieved almost 1.1 million digital subscriptions, an increase of 10 per cent, in the 2023 financial year with The Australian in the top 10 news websites in Australia.
Fox Corp will hold its annual meeting on Friday US time.
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