Lachlan Murdoch will officially inherit his father’s massive media empire after a decision Thursday named him the sole chairman of News Corp (NASDAQ:NWS).
Lachlan, Rupert Murdoch’s eldest son, now sits at the helm of the company behind Fox News, the Wall Street Journal and the New York Post, among others. Rupert will continue to serve as chairman emeritus.
“We thank him for his vision, his pioneering spirit, his steadfast determination, and the enduring legacy he leaves to the companies he founded and countless people he has impacted,” Lachlan said in a statement Thursday.
Lachlan, 52, has deep roots in the company, having co-chaired both Fox Corp and News Corp (NASDAQ:NWS) and serving as CEO of Fox News since 2019.
He is the third-eldest of Rupert’s six children and the second of three with his second wife. He long held favored status as the media tycoon’s eldest boy, putting him at odds with his brother James, just 15 months his junior.
According to a 2019 New York Magazine piece, “It was no secret to those close to the family that Murdoch had always favored Lachlan.”
Lachlan and James were named co-chairs of 21st Century Fox (NASDAQ:FOXA) in 2015, but a falling out occurred when James donated to Democratic causes and supported Joe Biden’s 2020 presidential campaign, according to reports.
Elisabeth, Rupert’s second wife’s eldest child, has spent time at the company off and on while also working as a television producer. She could have been in contention for the chair, but being a woman worked against her, according to a friend of the family quoted in a 2012 New Yorker article.
“She loves her father,” the friend said, “But she’s the wrong sex.”
Leadership at Fox News
In his four years as CEO, Lachlan has overseen a network that has become increasingly right-wing and reactionary. In particular, the network earned fierce criticism for presenting misinformation about the Covid-19 pandemic and the subsequent 2020 election between Biden and former president Donald Trump.
Lachlan even signed off on Fox News’ decision not to air the first day of hearings conducted by the US House’s January 6 investigation committee. Instead, the network ran analysis from its roster of conservative anchors, including Tucker Carlson, Laura Ingraham and Sean Hannity.
Rupert seems confident that there will not be a changing of the guard with regard to editorializing.
“My father firmly believed in freedom, and Lachlan is absolutely committed to the cause,” Rupert said in a memo to staff.
In fact, Lachlan Murdoch could be even more right-wing than his old man, according to Daily Beast's editor-at-large Lachlan Cartwright
"It's important to note that Lachlan's politics are far more conservative than his father," Cartwright said on "The New Abnormal" podcast in January. "He is staunchly more conservative than his dad and so I think if anything, you may see some of that appear in some of the titles throughout the empire."
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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