American media magnate Rupert Murdoch has announced plans to step down as Chairman of News Corp and Fox Corporation, saying he wanted more time to spend on Australian policy development.
The 92 year-old had previously run his media and nation-state interests simultaneously, but says it is now time to slow down.
“In my younger years I used to run the media arm during the day, come home to manage Australia in the evenings, and then get up early to make sure Britain and the US were running smoothly before breakfast. But that’s getting increasingly difficult for someone my age,” Mr Murdoch said.
He said there was still plenty to keep him busy until he stands down in November. “There’s a referendum coming up that’ll require more misinformation. Climate change is still popping its head up. And there’s a US election next year which I’ll probably need to get involved with again. It never stops!”
Under the restructure, Murdoch’s son Lachlan will become Chairman of Fox and News Corp. The direct reporting line from the Prime Minister to Mr Murdoch will remain unchanged.