Lachlan Murdoch will become the sole head of the two huge media companies under his family’s control, Fox Corporation and News Corp.
His father, the 92-year-old tycoon Rupert Murdoch, announced this Thursday that he will step aside after a career of more than 70 years in which he built one of the most influential media empires in the world.
In his statement, the billionaire described his successor as “a passionate and principled leader.”
In response, he thanked his father for his “vision, his pioneering spirit, his steadfast determination and his enduring legacy.”
The official transition will occur in November, when the magnate will become president emeritus and “will continue to give his valuable advice,” according to Lachlan.
Until today, Lachlan Murdoch had served as executive president of Fox Corporation and the Australian Nova Entertainment.
The decision comes at a time when, according to journalist Brian Stelter – author of a book about the iconic Murdoch family – Rupert Murdoch had stopped being the “feared cloak-and-dagger magnate he once was.”
Change of command, but not of course
According to Stelter, it had been clear for some time that Lachlan was going to succeed his father. “In terms of editorial direction, I don’t expect it to change at all,” the journalist said, adding that the 52-year-old successor He is as, or more, conservative than his father.
Everything indicates that Lachlan Murdoch will continue with the same strategy as his father, which, for example, aims to pressure Google and Facebook to pay for content, explains Stelter.
People say that Lachlan Murdoch was key in the spin-off of News Corporation in 2013 which created 21st Century Fox, focused on film and television, and News Corp, focused on the publishing sector.
In 2019, The Walt Disney Company acquired most of the assets of 21st Century Fox for US$71.3 billion. The assets that were not included in the purchase were transformed into Fox Corporation, the company that will now be headed by Lachlan Murdoch.
Fox Corporation owns Fox Broadcasting Company and Fox Newsthe most watched news television channel in the United States.
News Corp owns Dow Jones & Company, which in turn controls The Wall Street Journal.
Lachlan is the second son of Rupert Murdoch. He was born in London, grew up in New York, and studied philosophy at Princeton University.
At the age of 18 he entered the media industry in which his father was already powerful by then. At age 22, he was appointed general manager of Queensland Newspapers and At 26 he was CEO of News Corporation.
In 2005, left the family businesses unexpectedly and stayed away for nearly a decade.
Therefore, it was suspected that his brother James was in a more favorable position for the succession.
But in 2014, shortly after his return, he was appointed co-president of News Corp, a move that was seen by the press as a sign that he would be his father’s successor at the head of the media empire.
Who would succeed Rupert Murdoch was a question that long generated great speculation in the press.
In fact, it is believed that Succession, The successful and multi-award-winning HBO series is inspired by the Murdochs. According to Vanity Fair, Lachlan suspected that her brother James was feeding the writers the family stories.
The writers have said that the characters in the series are purely fictional.
According to the Australian Financial Review, Lachlan Murdoch’s net worth is around $3.3 billion.
Remember that you can receive notifications from BBC News Mundo. Download the latest version of our app and activate them so you don’t miss our best content.
- Do you already know our YouTube channel? Subscribe!
See original article on BBC