The market may be a sea of red on Friday, but News Corp (ASX: NWS) shares aren't letting that hold them back.
In morning trade, the media giant's shares are up 2% to $32.29.
Why are News Corp shares rising?
Investors have been buying News Corp shares today after responding positively to some very big news.
According to the release, Rupert Murdoch has announced that he will be stepping down from the role as chairman of the media giant.
He will be replaced by his son, Lachlan Murdoch, following the company's annual general meeting in November.
However, that won't be the end of Rupert Murdoch's association with News Corp. Far from it! At the same annual general meeting, he will be appointed Chairman Emeritus of the company.
Why is Rupert Murdoch stepping down?
While no reason has been given for his exit, the company stressed that "Mr. Murdoch's decision to resign from the Board was not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices."
Commenting on the change, incoming chair, Lachlan Murdoch, 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.
News Corp shares are up over 30% since this time last year.