Lachlan Murdoch takes the helm as Rupert Murdoch relinquishes control of his media empire
Lachlan Murdoch takes charge, signaling a new era as he assumes control of his father Rupert Murdoch's vast media empire
Lachlan Murdoch takes the spotlight.
On Wednesday, Rupert Murdoch, the father, officially resigned as the chairman of News Corporation, which is the print publishing division of the powerful media empire owned by the billionaire mogul. This signifies the end of an era. Rupert has stated that he will still play an active role in the company. However, he will now serve as the chairman emeritus of Fox Corporation, the parent company of Fox News and other broadcasting assets. This transition will occur during the company's annual meeting on Friday.
During his farewell speech to the News Corporation board on Wednesday, Murdoch addressed various topics. He discussed the opportunities and challenges related to artificial intelligence. He also highlighted the situation of Evan Gershkovich, a journalist from The Wall Street Journal, who is currently detained in Russia. Additionally, Murdoch once again criticized the "intolerant elite" who, according to him, view differing opinions as unacceptable. Interestingly, he manages to do this without any sense of irony.
However, his most significant comments were reserved for the end. The elderly man concluded by showering compliments on his eldest son, portraying Lachlan as a deserving heir and an ideal leader to guide his publishing empire forward. He characterized Lachlan as an ethical and committed individual who deeply values the societal impact of journalism.
"I share my father's belief that humanity has a great future, and Lachlan undoubtedly shares that conviction," Rupert expressed. "This sense of destiny is not merely a privilege, but also a duty."
During his tenure at his family's business, Lachlan, aged 52, has long been overshadowed by his father. However, he has held prominent leadership positions at Murdoch companies for many years. His prominence increased when he assumed the role of executive chairman at what was then known as 21st Century Fox in 2015. Following Disney's acquisition of most of Fox's assets, Lachlan prevailed over his younger and more progressive brother, James Murdoch, aged 50, and took on the positions of chief executive and chairman of the streamlined company.
As chief executive, Lachlan has been occasionally described as distant, often spending extensive time in Australia, away from the businesses he supervises. Nonetheless, he has made significant strides in his own right. One notable accomplishment in 2020 was leading Fox's acquisition of the advertiser-supported platform, Tubi, for $440 million. By 2023, Tubi's value had soared to such an extent that Fox purportedly rejected a $2 billion offer to purchase it.
When discussions of succession intrigue at the Murdoch empire arise, the focus is rarely on assets like Tubi; instead, it overwhelmingly centers on the political consequences. The most notable asset within the Murdoch empire is the right-wing channel Fox News, which has disseminated dishonest and dangerous propaganda worldwide. A significant portion of this propaganda served the disgraced former President Donald Trump, who is currently attempting to regain power.
Privately, Lachlan, who is believed to hold more conservative beliefs than his father, has strongly criticized certain actions of Trump. Confidential sources informed CNN last year that Lachlan openly condemned Trump, going so far as to express concerns about the negative impact his potential presidential run would have on the United States.
However, Lachlan, the owner of Fox News, has never publicly criticized the GOP frontrunner, although he has spoken about the challenging times we are living in. At the American Australian Associations 75th anniversary dinner, he mentioned the need for clear vision, courage, and political will to navigate this difficult era. Despite these words, Lachlan has failed to demonstrate the determination to confront the destructive forces impacting the free world.
Moreover, when it comes to fundamental attacks on America's democratic system, Lachlan and his father not only failed to take a stand against these threatening powers but actively contributed to spreading their harmful falsehoods. They allowed election disinformation to thrive on their network, and Lachlan, in particular, publicly defended Fox News' 2020 election coverage, despite the lies that resulted in significant financial losses for their company due to legal settlements related to the Dominion Voting Systems case.
While Lachlan takes over the throne from his father and promises no changes in strategy at Fox News, the question arises whether he will become the new GOP kingmaker like his father. Jim Rutenberg, a reporter for The New York Times with in-depth knowledge of the Murdoch family, remarked that Rupert attracted major Republican candidates to seek his favor, but it remains to be seen if Lachlan will assume that role.
Rutenberg expressed his intent to closely monitor the potential impact of Rupert's transition to chairman emeritus status.
"The two main aspects I am interested in," Rutenberg informed CNN, "is how much Murdoch's continued involvement suggests a complete transfer of power. If he is still actively participating in meetings and offering his insights as the renowned media tycoon he is, then to what extent can we consider this a genuine passing of the torch?"
"And secondly," Rutenberg added, "is this a genuine passing of the baton? Will Lachlan assume the prominent position his father has held in American media and politics for at least two generations? Rupert emerged as a significant force in American politics during the mid-70s. Will Lachlan take on a public role and become a notable figure, or will he continue to adopt his current reserved stance, preferring to remain in the background?"
