Media giant Rupert Murdoch announced that he will leave the chairmanship of the broadcasting companies to his son Lachlan after 70 years. Thus, the new boss did not lose the 'throne' to his brother James!
Billionaire Rupert Murdoch, who expanded his media empire, which started with newspapers, magazines, and TV channels in his country Australia, England, and the USA, says goodbye to his active working life at the age of 92.
All eyes turned to the "heir" after Murdoch announced that he would end his 70-year career, resign from the chairmanship of Fox News and News Corp, and be replaced by his son Lachlan (52).
Lachlan is the second of Rupert Murdoch's three children from his second marriage. Lachlan, the eldest son of Murdoch, who has 6 children from 3 marriages, was born in London, grew up, and was educated in New York society.
Lachlan Keith Murdoch (born 8 September 1971) is a British-American businessman and mass media heir. He is the executive chairman of Nova Entertainment, chairman of News Corp, executive chairman and CEO of Fox Corporation, and the founder of Australian investment company Illyria Pty Ltd.
The two brothers, Lachlan and James, who are just 15 months apart, were fiercely competitive as children and have swapped roles of “heir and spurned son” over the years. It was no secret to those close to him that Murdoch had always preferred Lachlan.
The printing house cleared the oil
Trained in the ethics of his father's company, Lachlan was trained in the newspaper business from an early age. Murdoch stated that his son worked in a newspaper printing room when he was only 13, while Lachlan even cleaned printing press oil as a child.
Lachlan, who joined his father's company as a teenager, became the director of Murdoch's Australian publication, the Brisbane Courier-Mail, at the age of 22. Before he was 25, he took charge of the newspaper The Australian. In 2000, he moved from Australia to the United States to become vice president of operations for the publishing company News Corp. Under his management, the New York Post newspaper was revived. However, Lachlan left News Corp in 2005.
He founded his own company
After leaving News Corp in 2005, Lachlan Murdoch founded an investment company focused on the media and marketing sector. However, after suffering huge losses on his company's Australian TV network, Lachlan returned to his father's media empire in 2014. It was stated that the return was related to the phone tapping scandal involving Lachlan's brother James Murdoch and Rupert Murdoch's divorce from his third wife Wendi Deng.
Thank you father
Lachlan Murdoch thanked his father after Rupert Murdoch announced his retirement. In his statement, the new boss thanked his father for his vision, pioneering spirit, unwavering determination, and the lasting legacy he left to the companies he founded and the countless people he influenced throughout his 70-year career. Lachlan Murdoch will become the top executive of both News Corp and Fox Corporation, taking over from his father following the companies' meeting in November.
He made his succession plan in 2015
Succession planning for Rupert Murdoch began in 2015 when he appointed Lachlan and his brother James as co-chairmen of 21st Century Fox. James, who was seen as the crown prince for a while, was dealt a blow when the phone tapping scandal broke out in the newspapers he managed. James resigned from News Corp, clearing the way for Lachlan, who followed his father's right-wing policies. Lachlan, who has been at the helm of Fox News since 2019, managed the 2020 elections and the Covid-19 pandemic period. During this process, Rupert Murdoch finalized his decision to transfer the company to Lachlan.