July 23, 2012- Rupert Murdoch has resigned from the United Kingdom newspaper businesses at News Corp. By stepping down, Murdoch has symbolically distanced himself from his empire that he started when he purchased The Sun and News of the World over 43 years ago.
The move by Murdoch was called just a exercise in corporate housecleaning by News Corp, before the entertainment and publishing assets get split into different companies by the media conglomerate.
Murdoch will remain on as the chairman for both, which will give him influence over the papers and he will be the CEO of the entertainment arm. The exit by the 81-year old from the boards of the Times Newspapers Holdings and the New International was announced via an email to the employees from the CEO of News International Tom Mockridge. He said that Murdoch had resigned from 12 subsidiary boards in Australia, India and the United States.
However, the news was noticed the most in the United Kingdom where Murdoch turned The Sun and News of the World into market leaders as tabloid newspapers. He purchased the Times, along with the Sunday Times back in 1981. He fought in Wapping with unions in 1986 that was pivotal in his transformational from a press baron from Australia to a worldwide media mogul.
However, investigations into payments to officials, phone hacking and an alleged computer hacking have ensnared the Murdock group over the last 18 months, leading to over 70 arrests and numerous civil lawsuits.