Lachlan Murdoch and the future of Fox and News Corp.
Lachlan Murdoch and the future of Fox and News Corp.
Lachlan Murdoch: The Successor to a Media Empire
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In one of the world’s most powerful media empires, the issue of succession has finally been settled. Lachlan Murdoch, the eldest son of media titan Rupert Murdoch, has been named the sole chairman of News Corp. While also continuing in his role as chair and chief executive of Fox Corp, Lachlan will preside over influential news brands such as the Wall Street Journal, Fox News, and the Sun across Australia, the United States, and the UK.
Lachlan Murdoch’s upbringing was steeped in the media business. Born in London to Rupert Murdoch and his second wife, Anna, he grew up in a household where reading the morning papers was a daily ritual. Every morning, before catching the school bus, Lachlan and his siblings would read papers like The New York Post, The New York Times, the Daily News, and the Wall Street Journal. His father would even flag stories of interest, urging them to read them. In the evenings, the best way to capture their father’s attention was to engage in conversations about media or politics.
As Lachlan Murdoch grew older, he spent summers working in the family business. From cleaning presses for Sydney’s “Daily Mirror” to working as a cub reporter for the “San Antonio Express-News,” he gained hands-on experience. A rivalry between Lachlan and his younger brother, James, played out from an early age, even during family Monopoly games where “intensity” and a readiness to cheat were characteristics of their interactions.
Educated at prestigious schools like Dalton and Trinity, Lachlan Murdoch formed the Trinity Conservative Society, aiming to create a healthy balance between all points of view. After graduating from Princeton with a major in philosophy, he entered the family business. He rapidly ascended the corporate ladder and became the chairman of News Limited in Australia. In 1999, Lachlan assumed responsibility for print operations in the US, eventually becoming the deputy chief operating officer at News Corp, overseeing the company’s US television stations group and publishing assets.
However, in 2005, Lachlan Murdoch abruptly resigned, raising questions about the succession plan for Rupert Murdoch’s media empire. He founded Illyria Pty, a private investment company, and made several acquisitions, including a network of Australian radio stations. But in 2015, Lachlan returned to the family business, sharing the title of co-chairman of 21st Century Fox with his brother, James.
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The sale of Fox’s entertainment assets to Walt Disney in 2019 significantly reduced the Murdochs’ media holdings. Lachlan Murdoch took on the role of executive chair and CEO of the newly constituted Fox Corp, overseeing assets like the Fox broadcast network, Fox News, Fox Sports, and Fox Business. Meanwhile, James Murdoch left the company after the Disney transaction.
As chief executive of Fox Corp, Lachlan Murdoch has faced significant challenges in the rapidly changing media landscape. With viewers cutting their cable subscriptions in favor of streaming services, he has successfully maintained Fox News’ rating dominance among politically conservative-leaning American viewers. Lachlan Murdoch’s political leanings, however, remain largely unknown. While some claim his conservatism to be stronger than that of any Australian politician, a Fox spokesperson dismissed speculation, stating it wouldn’t be fair to categorize him as a conservative.
One of Lachlan Murdoch’s notable achievements is the acquisition and growth of Tubi, an ad-supported streaming service. Fox Corp acquired Tubi for $440 million in 2020, and its value has now soared to $3 billion. Lachlan becomes animated when talking about Tubi, highlighting its potential in the competitive streaming market.
While Rupert Murdoch built his legacy pursuing television, movies, and newspapers with equal enthusiasm, Lachlan’s legacy is still taking shape. As he assumes the role of sole chairman of News Corp and continues to lead Fox Corp, his influence will extend across influential news brands and media properties, shaping his own path within the vast media empire his father created.
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