As the clock ticks down to media titan Rupert Murdoch’s retirement at the end of November 2023, all eyes are on his eldest son, Lachlan Murdoch. The upcoming heir to a colossal $17 billion news empire, Lachlan currently holds the CEO position at Fox Corp., a global media giant boasting a value of $14 billion. Despite its expansive asset portfolio, including FOX entertainment and FOX sports networks, Fox Corp. is perhaps most renowned as the parent entity of FOX News, a leading cable news network recognized for its conservative editorial lean.
A Glance at the Murdoch Dynasty
Upon Rupert’s departure, Lachlan will expand his leadership, taking over as chairman of News Corp., Fox Corp.’s sibling company with a market capitalization of $11.41 billion. This massive conglomerate encompasses Dow Jones & Company, HarperCollins, and a multitude of global TV stations and newspapers, such as The New York Post and the Times of London.
The Murdoch Family Trust stands as the majority shareholder of Fox Corp., holding substantial voting stakes in both Fox Corp. and News Corp., reinforcing the family’s considerable influence over the media landscape.
Rupert Murdoch’s Fortune: An Overview
Forbes estimates the senior Murdoch’s wealth at a staggering $17 billion, ranking him #99 on the Forbes 2023 list of wealthiest billionaires. A significant wealth boost came from a lucrative deal with Disney in 2019, adding $8 billion to the family’s fortune when Rupert sold his 17% stake in 21st Century Fox for a whopping $72 billion.
Drama Behind the Fortune
The Murdoch family isn’t just known for its vast wealth and media control. Their internal dynamics and power struggles have consistently captured headlines, allegedly serving as inspiration for the popular HBO series “Succession.” The inheritance of Rupert Murdoch’s extensive empire is a topic of significant speculation and interest, with the different paths of his children, particularly James and Lachlan, coming under the spotlight.
Lachlan’s Path to Power
Lachlan’s journey within the empire has seen both commitment and controversy. Starting from humble beginnings, working at his father’s printing presses, and rising through the ranks at News Corp., Lachlan’s journey was momentarily halted due to disagreements within Fox News. His return marked a consolidation of his position within the corporation, aligning with his father’s political views and laying the groundwork for his upcoming inheritance of the empire’s leadership.
A Look into Lachlan Murdoch’s Wealth
While exact figures remain undisclosed, Lachlan Murdoch’s financial stature is undeniably significant. Reports reveal his total earnings for 2022 to be an impressive $21,748,681, with his compensation from Fox Corp. for the fiscal year ending June 30, 2023, outlined as $21.7 million, encompassing base salary, stock options, and incentives.
In Conclusion: The Murdoch Legacy Continues
As Lachlan Murdoch prepares to inherit the reins of the expansive Murdoch empire, the media world, entrepreneurs, and investors watch with keen interest. His leadership will guide the future trajectory of significant media conglomerates, potentially impacting global media landscapes and influencing investor perspectives and decisions. As the Murdoch legacy marches on, its unfolding developments promise to hold enduring relevance and intrigue for global audiences.