Lachlan Murdoch

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Lachlan Murdoch
Lachlan Murdoch
Murdoch in 2013
Born
1971-9-8 (age 55)
London, England
Occupation
Executive chairman, Nova Entertainment
Executive chairman and CEO, Fox Corporation
Co-chairman, News Corp



Lachlan Keith Murdoch (Template:IPAc-en;[1] born 8 September 1971) is a British businessman and mass media heir.[2][3] He is the executive chairman of Nova Entertainment, co-chairman of News Corp, executive chairman and CEO of the Fox Corporation,[4] the founder of Australian investment company Illyria Pty Ltd.

Early life and education

Lachlan Murdoch was born on 8 September 1971 in London, England. He is the eldest son of Australian-born American media mogul Rupert Murdoch, and his second wife, Scottish journalist and author Anna Murdoch Mann. He was raised in New York City where his father owned the New York Post. He received his primary and secondary education at the Aspen Country Day School in Aspen, Colorado, Trinity School in New York City, and at Phillips Academy in Andover, Massachusetts. In 1994, he graduated with a bachelor's degree from Princeton University in Philosophy.[5] While at Princeton, he studied philosophy with Béatrice Longuenesse and Alan Hajek.[6]

Career

News Corp executive

In 1989, Rupert Murdoch brought Lachlan Murdoch, then 18 years old, to Australia while on business, to have Lachlan trained for three months at the Daily Mirror. At the age of 22, Murdoch was appointed general manager of Queensland Newspapers, the publisher of Brisbane's Courier-Mail.Template:Citation needed One year later, he became publisher of Australia's first national paper, The Australian. In 1995 he was appointed Deputy CEO of News Limited, Executive Director of News Corporation in 1996, Deputy Chief Operating Officer in 2000; he was made Senior Executive Vice President from 1999 to 2000, and has been Chairman of STAR since 1995.

Encouraged to invest in One.Tel by his friend Australian businessman James Packer, the son of television network owner Kerry Packer, Murdoch was extensively criticised for encouraging News Corporation's multi-hundred million-dollar investment in the start-up telecommunications company.[7] In April 2014, Murdoch and Packer agreed to an Template:AUD40 million settlement over the failure of One.Tel. The settlement was approved by the Supreme Court of New South Wales on 17 April 2014, with Template:AUD14.93 million to be paid by the Packer family's Consolidated Press Holdings, Template:AUD11.77 million to be paid by Packer's Crown Resorts and Template:AUD13.3 million to be paid by News Corp.[8]

Murdoch led an initial $10.75 million investment, of which only $2.25 million was in cash, in REA Group, and subsequently championed the retention of the investment over the objections of those who wished to sell it. The company later emerged as Australia's market leader in online real estate advertising, and in 2014 was assessed as worth more than $3.6 billion to News Corp.[9] With a personal interest in Australian rugby league, on 30 March 1995 Murdoch was at the first Super League meeting in the Atanaskovic Hartnell offices in Sydney. He and former Brisbane Broncos chief John Ribot signed up leading Canterbury-Bankstown Bulldogs players on documents which were not legally effective. Murdoch was the Broncos' number one ticket holder.[10][11][12] For the year 2001, Murdoch earned a salary of Template:AUD2.59 million.[13] In June 2005, Murdoch received the Press & Outdoor Advertising "Media Person of The Year" award in Cannes.[14] Murdoch is one of the founding patrons (along with Anthony Pratt, Peter Lowy and Lisa Fox) of an organisation called "Advance", formerly known as the Young Australian Professionals in America.[15]

In July 2005, the 33-year-old Murdoch abruptly resigned as an executive at the News Corp. The unexplained departure apparently dashed News Corp. Chief executive Rupert Murdoch's hopes that his son would one day take over as CEO of the global media empire, which includes the Twentieth Century Fox movie studio, the Fox television network, several satellite broadcasters, and newspapers in Britain, Australia, and the United States. Roger Ailes, the chairman of Fox News Channel, was named chairman of News Corp's group of television stations to succeed Murdoch junior. Media speculated that his brother, James Murdoch, then chief executive of UK satellite TV company BSkyB, may succeed Rupert Murdoch.[16][17][18][19][20] During his time as an executive at News Corp, Murdoch was the Deputy Chief Operating Officer of News Corporation (now 21st Century Fox). He had oversight of HarperCollins and the company's lines of business in Australia, including REA. He also served on the board of Foxtel and as chairman of Fox Television stations and was the publisher of the New York Post.[21] He was appointed to the News Corp board in 1996.[16]

Private investment activities

On leaving News Corp with a twoTemplate:Endashyear nonTemplate:Endashcompete agreement,[22] Murdoch founded an Australian private investment company, Illyria Pty Ltd.,[23] and developed an eclectic mix of investments, with stakes in the Indian Premier League (IPL) cricket team Rajasthan Royals, online DVD rental company Quickflix, toy marketer Funtastic and digital media company Destra.[22] On 21 January 2008, Murdoch and James Packer announced that their companies, Illyria and Consolidated Press Holdings would seek to privatise the publicly-listed Consolidated Media Holdings. It was expected that the proposed Template:AUD3.3 billion deal would deliver Murdoch and Packer with private stakes in Foxtel, Fox Sports, and PBL Media, with the latter owning the Nine Network and ACP Magazines.[22][24] Packer eventually decided to sell down his stake in media companies in a series of transactions between 2006 and 2008,[25][26] and the deal with Murdoch collapsed.

In November 2009, Murdoch acquired 50% of Nova Entertainment via Illyria and he became Chairman. In September 2012 Illyria acquired the balance of shares it did not own.[22][27]

In 2010, Packer purchased an 18% stake in Network Ten, quickly offloading half to Murdoch. Both Packer and Murdoch joined the Ten board.[28] In February 2011, Murdoch was appointed acting CEO of Ten Network Holdings after the company's board terminated the contract of CEO Grant Blackley.[29] The following month Packer unexpectedly resigned from the board.[30][31] In February 2012, the Ten board appointed Murdoch non-executive chairman of Ten Network Holdings.[32] Although Ten was already in some financial difficulties before Murdoch became CEO, by late 2012, on paper Illyria had lost Template:AUD110 million of the original Template:AUD150 million invested since 2010. The share price had fallen by about 80% and network profits had dropped by over half. In an attempt to control costs, Ten had reduced employment numbers by 160 people, and the problems were mainly attributed to falling advertising revenues and restructuring at the network. Ten purchased, at three times its original cost,[33] the Australian rights for MasterChef from the Australian subsidiary of the Shine Group, itself a subsidiary of the News CorpTemplate:Endashowned 21st Century Fox. On 14 June 2017, Ten went into voluntary administration after Murdoch and fellow shareholder Bruce Gordon declined to extend the company's credit facility.[34][35] Two bids were received for Ten; one from Murdoch and Gordon and one from CBS Corporation - Ten's largest creditor. The CBS bid was preferred by both the administrators and creditors.[36] CBS's successful bid meant Murdoch lost his entire investment in the network.[37]

Return to the family fold

In March 2014, Murdoch was appointed as non-executive co-chairman of News Corp. and 21st Century Fox Inc. in a move that was seen as succession planning for the media empire.[38][39][40][41][42][43] Murdoch stood aside as Chairman and a Director of Ten Network Holdings.[44] In June 2015 he was named as Executive Chairman of 21st Century Fox.[45]

After Fox was acquired by Disney in March 2019, Murdoch was named as the Chairman and CEO of the Fox Corporation.[46]

Personal life

Murdoch married British-born Australian model/actress Sarah O'Hare in 1999. The couple have two sons, Kalan Alexander, born on 9 November 2004, and Aidan Patrick, born on 6 May 2006;[47] and one daughter, Aerin Elisabeth, named for his sister and grandmother, born on 12 April 2010.[48][2]

Prior to 2003, the Murdochs owned "Berthong", a house in Template:NSWcity, Sydney, sold to Russell Crowe in 2003.[49] In November 2009, Murdoch purchased "Le Manoir", a Template:Convert mansion in Bellevue Hill for $23 million; and purchased an adjoining Template:Convert property two years later.[50][51] In 2017, Murdoch and his wife paid Template:USD29 million for a large equestrian property in Aspen, Colorado, that contains a Template:Convert six-bedroom home.[52] In 2018, they purchased the Chartwell Estate in Los Angeles for an estimated Template:USD150 million.[53][54]

Net worth

Template:Columns-start

Year Financial Review
Rich List 		Forbes
Australia's 50 Richest
Rank Net worth (A$) Rank Net worth (US$)
2018[55][56] n/a unlisted n/a unlisted
2019[57][58] Template:Nts Template:Increase $3.62 billion Template:Increase n/a unlisted
2020[59] Template:Nts Template:Decrease $3.76 billion Template:Gain
2021[60] Template:Nts Template:Steady $4.43 billion Template:Up

Template:Column

Legend
Icon Description
Template:Steady Has not changed from the previous year
Template:Profit Has increased from the previous year
Template:Loss Has decreased from the previous year

Template:Columns-end

Ancestry

Template:Ahnentafel

See also

Template:Stack

References

  1. ↑ [{{{url}}} Longman Pronunciation Dictionary]. Longman. According to this source, the first name is also pronounced Template:IPAc-en in the UK.
  2. ↑ 2.0 2.1 Cite error: Invalid <ref> tag; no text was provided for refs named autogenerated1
  3. ↑ Why Lachlan Flew the Coop: It Was Rupe | Observer(8 August 2005). Retrieved 23 April 2017.
  4. ↑ Lachlan Murdoch takes control of Fox Corp. But how will he deal with President Trump? - The Washington Post.
  5. ↑ In House of Murdoch, Sons Set About an Elaborate Overhaul. The New York Times(22 April 2017).
  6. ↑ How Lachlan Murdoch Went from Studying Philosophy at Princeton to Exploiting White Nationalism at Fox News.
  7. ↑ So where does Rupert Murdoch go from here?. The Independent on Sunday(31 July 2005). Retrieved 10 April 2010.
  8. ↑ Court approves $40m One.Tel settlement. The Age(17 April 2014). Retrieved 17 April 2014.
  9. ↑ How Lachlan Murdoch turned $10 million into more than $3 billion. Big News Network(5 February 2014). Retrieved 13 February 2014.
  10. ↑ Lachlan's legacy: $560m lost on Super League. The Australian Financial Review(5 August 2005). Retrieved 14 February 2015.
  11. ↑ Bronco Magazine 2002
  12. ↑ Brisbane Broncos cross the line in political divide. The Sydney Morning Herald(13 August 2014). Retrieved 14 February 2015.
  13. ↑ Rappers, Fulon Gong and lots of questions. Crikey(7 October 2001). Retrieved 14 February 2015.
  14. ↑ Lachlan Murdoch heckled in Cannes. The Sydney Morning Herald(23 June 2005). Retrieved 14 February 2015.
  15. ↑ Template:Cite speech
  16. ↑ 16.0 16.1 Lachlan Murdoch resigns from News Corp. The Guardian(29 July 2005). Retrieved 14 February 2015.
  17. ↑ The Boy Who Wouldn't Be King. New York Magazine(19 September 2005). Retrieved 14 February 2015.
  18. ↑ Why Lachlan Murdoch quit. The Age(14 September 2005). Retrieved 14 February 2015.
  19. ↑ End of the line. The Guardian(1 August 2005). Retrieved 14 February 2015.
  20. ↑ Murdoch's oldest son leaves empire. USA Today(29 July 2005). Retrieved 14 February 2015.
  21. ↑ Lachlan Murdoch. News Corp(2015). Retrieved 14 February 2015.
  22. ↑ 22.0 22.1 22.2 22.3 Building another Murdoch empire. The Sydney Morning Herald(19 November 2011). Retrieved 14 February 2015.
  23. ↑ Company Overview of Illyria Pty, Ltd.. Bloomberg Business(2005). Retrieved 14 February 2015.
  24. ↑ Murdoch junior to seize control of old Packer empire. Scopical.com.au(21 January 2008). Retrieved 17 March 2008. Template:Dead link
  25. ↑ Killing Fairfax: Packer, Murdoch & The Ultimate Revenge{{#if:Williams|, Williams}. Harper Collins(22 July 2013)
  26. ↑ Template:Cite interview
  27. ↑ Lachlan Murdoch acquires other half of DMG Radio. MediaSpy(2 September 2012). Retrieved 3 September 2012.
  28. ↑ Packer, Murdoch accept seats on Ten board. ABC News(9 November 2010). Retrieved 9 November 2010.
  29. ↑ Lachlan Murdoch appointed acting Ten CEO. ABC News(23 February 2011).
  30. ↑ James Packer quits Ten board. The Advertiser(3 March 2011). Retrieved 13 February 2014.
  31. ↑ James Packer, Lachlan Murdoch fall out over new Ten Network chief James Warburton. Herald Sun(2 March 2011). Retrieved 21 August 2012.
  32. ↑ Template:Cite press release
  33. ↑ Thanks to Lachlan, Ten ripe for the picking. Crikey(15 November 2012). Retrieved 20 November 2012.
  34. ↑ Network Ten heads into voluntary administration. The Sydney Morning Herald(14 June 2017). Retrieved 14 June 2017.
  35. ↑ The Ten network is in administration. Business Insider Australia(14 June 2017). Retrieved 14 June 2017.
  36. ↑ CBS won because Network Ten employees didn't want Lachlan Murdoch to come back. The Sydney Morning Herald(20 September 2017). Retrieved 4 November 2017.
  37. ↑ Ten-CBS hearing descends into near farce as court clears takeover bid. Australian Financial Review(10 November 2017). Retrieved 14 November 2017.
  38. ↑ Murdoch Promotes Son Lachlan in Succession Plan for Empire. Bloomberg Business(27 March 2014). Retrieved 14 February 2015.
  39. ↑ Sons of Rupert Murdoch Get Expanded Roles. The Wall Street Journal(26 March 2014). Retrieved 14 February 2015.
  40. ↑ Inside the Murdoch dynasty. The Australian Financial Review(29 March 2014). Retrieved 14 February 2015.
  41. ↑ Rupert Murdoch's eldest son Lachlan takes co-chairman role in succession plan. The Telegraph(26 March 2014). Retrieved 14 February 2015.
  42. ↑ Lachlan Murdoch and News: the first-born son is ahead … for now. The Conversation(28 March 2014). Retrieved 14 February 2015.
  43. ↑ Lachlan Murdoch lured back to News Corp, but which office does he get?. SmartCompany(28 March 2014). Retrieved 14 February 2015.
  44. ↑ Template:Cite press release
  45. ↑ Lachlan Murdoch named executive co-chairman 21st Century Fox(16 June 2015).
  46. ↑ New Fox CEO Lachlan Murdoch Announces All Employees to Receive Stock in Company(21 March 2019).
  47. ↑ Murdochs welcome their second son. Herald Sun(7 May 2006). Retrieved 11 March 2008.
  48. ↑ New baby for Murdochs. The Age(13 April 2010). Retrieved 23 December 2013.
  49. ↑ On the move with Russell and Danielle. The Sun-Herald(1 June 2003). Retrieved 11 March 2008.
  50. ↑ Murdochs buy next door to expand fiefdom. The Sydney Morning Herald(26 February 2011). Retrieved 14 February 2015.
  51. ↑ Murdochs begin $11.6m overhaul of Bellevue Hill mansion. The Australian Financial Review(23 September 2013). Retrieved 11 March 2008.
  52. ↑ Lachlan Murdoch Pays $29 Million for an Aspen, Colo., Home. The Wall Street Journal(21 September 2017). Retrieved 18 December 2020.
  53. ↑ Take a look inside of Lachlan Murdoch's new $150 million LA mansion. CNBC(2019-12-12). Retrieved 2020-06-25.
  54. ↑ Lachlan Murdoch Buys 'Beverly Hillbillies' Mansion in Bel-Air for Record $150 Million. TheWrap(December 12, 2019).
  55. ↑ 2018 AFR Rich List: Who are Australia's richest people?(25 May 2018). Retrieved 26 May 2018.
  56. ↑ Australia's Richest 2017: Country's Wealthiest Continue Mining For Dollars. Forbes Asia(1 November 2017). Retrieved 28 September 2019.
  57. ↑ Australia's 200 richest people revealed, Bailey, Michael. Nine Publishing(30 May 2019). Retrieved 31 May 2019.
  58. ↑ 2019 Australia's 50 Richest. Forbes Asia(January 2019). Retrieved 28 September 2019.
  59. ↑ The full list: Australia's wealthiest 200 revealed. Nine Publishing(30 October 2020). Retrieved 31 October 2020.
  60. ↑ The 200 richest people in Australia revealed. Australian Financial Review(27 May 2021). Retrieved 28 May 2021.

This article contains content from the defunct wiki, HierarchyPedia, used here under the GNU Free Documentation License

Further reading

  • Wendy Goldman Rohm Murdoch Mission (2002). Interviews with various Murdoch family members
  • Neil Chenoweth Virtual Murdoch (2001). Mainly about Rupert Murdoch
  • Paul Barry, Rich Kids, Bantam Books, 2002, Template:ISBN
  • Kirkpatrick, David, "Murdoch Gets a Jewel. Who'll Get His Crown?" New York Times, 28 December 2003.
  • Milliken, Robert, "Lachlan Murdoch; Heir to the Sun and Sky", The Independent (London), 7 May 1995.
  • Pappu, Sridhar, "Lachlan Murdoch, Spiky Punk Heir Right for Post?" New York Observer, 24 November 2003.
  • Salamon, Julie, "Television: An American Story; A Family That Tried to Be Both Rich and Good", New York Times, 1 October 2000.

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