4.1 C
New York
Tuesday, December 5, 2023

Buy now

Lachlan Murdoch Takes the Helm as News Corp and Fox’s Sole Leader as Rupert Murdoch Assumes Chairman Emeritus Role

Lachlan Murdoch Assumes Sole Leadership of News Corp and Fox, Following Rupert Murdoch’s Transition to Chairman Emeritus

Lachlan Murdoch, aged 52, is set to take on the role of sole chair for News Corp and assume the positions of executive chair and chief executive of Fox, according to an announcement by both companies. This change follows Rupert Murdoch, aged 92, moving into the new position of chairman emeritus for both entities. Lachlan Murdoch’s elevation comes after serving as co-chair of News Corp for nine years, including a significant period as the publisher of the New York Post, and a four-year tenure as CEO of Fox.

Notably, Lachlan Murdoch recently made headlines by securing a deal with NFL legend Tom Brady for Fox Sports, rumored to be worth $375 million over ten years. This strategic move followed Lachlan’s decision to relinquish Thursday Night Football broadcasting rights for the 2022 season to Amazon, a choice he deemed financially prudent based on viewership data.

Lachlan Murdoch, originally from London and raised in the United States, began his career in the media world at the age of 18 when he accompanied his father on a business trip to Australia. In Australia, he embarked on his journalism journey, eventually becoming the general manager of Queensland Newspapers by the age of 22. At 23, he was appointed as the publisher of The Australian, a national newspaper founded by Rupert Murdoch in 1964.

In 1996, at the age of 25, Lachlan joined News Corp. During his tenure as publisher of the New York Post from 2002 to 2005, he achieved remarkable success, increasing the paper’s daily circulation by over 40% and making it the seventh-largest daily newspaper in the United States. His leadership also led to the construction of a $250 million production plant in the Bronx, enabling high-quality color printing.

Over the course of 27 years at News Corp, Lachlan demonstrated his talent for orchestrating major deals. In 2014, he played a pivotal role in News Corp’s expansion beyond print and TV news with the acquisition of a controlling stake in the REA Group. This $10.8 million deal, in which News Corp contributed only $2.5 million in cash, resulted in the company holding a 61% stake in the Australia-based real estate advertising site, now valued at $6.8 billion.

In 2015, Lachlan assumed an executive chairman role at 21st Century Fox and was instrumental in the company’s merger with Disney in 2019, sparking a bidding war with Comcast and achieving a sale price of $71.3 billion. Under his leadership, Fox also acquired Tubi for $440 million, subsequently becoming the top advertising-based, video-on-demand service. Tubi has recently been valued at $3 billion by Bloomberg Research.

In addition to his corporate endeavors, Lachlan launched his own private investment firm, Illyria Pty, in 2005. This firm acquired 50% of DMG Radio in 2009, eventually purchasing the remaining stake in 2012. Rebranded as Nova Entertainment in 2014, under Lachlan’s executive chairmanship, it became Australia’s leading network of FM stations.

Lachlan Murdoch, who has been married to Sarah O’Hare for 25 years, has three children: Kalan Alexander, aged 19; Aidan Patrick, aged 17; and Aerin Elisabeth, aged 13. His younger brother, James, founded the private investment company Lupa Systems and resigned from News Corp’s board in 2020. His older sister, Elisabeth, serves as the executive chairman of Sister, a London-based TV and film production company.

Join MultiMediaMouth+ for $3 a month

Support MultiMediaMouth.com now! For just $3/month, you will get ad-free access to select articles, Podcasts, and livestream events! Join today and support small creators!

Ruben Jay
Ruben Jay
Ruben Jay is an American broadcaster, media blogger, and podcast host. Currently, Ruben is the President of MultiMediaMouth.com and the executive producer and host of the popular podcasts You’re My Best Friend and ON AIR with Ruben Jay, exclusively on MultiMediaMouth.com. Follow Ruben on Instagram, Twitter, and Tiktok @TheRubenJay.

Related Articles

Latest Articles