Australian media mogul Rupert Murdoch announced on Thursday that he will be stepping down as chairman of both Fox Corp and News Corp and passing the reins to his son Lachlan.
The 92-year-old wrote in a statement:
“Our companies are in robust health, as am I."
“We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them."
"But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
Of his father's retirement, Lachlan said:
“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.”
It's no secret that the HBO hit series Succession was inspired in part by the Murdoch family.
So naturally, the memes came in hot... and did not disappoint.
Many took the opportunity to reference Kendall Roy's series finale "I am the eldest boy" line in connection to Lachlan taking over.
Since the news has broken, there is widespread speculation about how Lachlan, who is widely seen as more conservative than his father, taking over will impact Fox News coverage leading into 2024.
We will have to see how this latest succession plays out.