After 70 years at the helm of a media empire that revolutionized news and entertainment, 92-year-old Rupert Murdoch is stepping back from his roles at Fox (NASDAQ:FOXA) and News Corp (NASDAQ:NWSA) this November. However, he won’t be completely out of the picture; he’ll assume the title of chairman emeritus for both companies. His eldest son, Lachlan Murdoch, will take the reins, becoming the sole chair of News Corp and continuing as Fox Corp’s executive chair and CEO. The shift marks a significant moment for the empire as it grapples with changing media landscapes, including the impacts of cord-cutting, the rise of streaming, and the quest for digital growth.
Rupert Murdoch’s departure comes after a long and complex history of building media powerhouses and surviving setbacks. Starting from a small Australian newspaper business, he expanded across continents to dominate newspaper, television, and movie properties. His aggressive and risk-taking approach has been both lauded and criticized, marking him as one of the world’s most influential and polarizing media barons. Now, as the media landscape evolves and the empire faces fresh challenges, his legacy will be carried on by a new generation of Murdochs who have to navigate an increasingly complicated industry.
Is Fox Stock a Buy?
Turning to Wall Street, analysts have a Hold consensus rating on FOXA stock based on three Buys, four Holds, and two Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $38 per share implies 20.4% upside potential.
