When media mogul Rupert Murdoch retires at the end of Nov. 2023, he will be handing the reins of his $17 billion news empire over to his eldest son, Lachlan Murdoch.
Lachlan is currently CEO of Fox Corp. (FOX) -), a $14 billion company that is one of the world’s biggest media conglomerates, counting FOX entertainment and FOX sports networks among its assets, although it is best known as the parent company of FOX News, a top-rated cable news network with a conservative editorial focus.
Related: Rupert Murdoch steps down as Fox, News Corp chairman, ceding to son Lachlan
Upon his father’s retirement, Lachlan will also assume chairmanship of News Corp. (NWSA) -), the sister company of Fox Corp., which has a market cap of $11.41 billion. Under its umbrella are Dow Jones & Company, which publishes The Wall Street Journal, HarperCollins book publishers, and dozens of TV stations and newspapers around the globe, including The New York Post and the Times of London.
Who is the majority owner of FOX News? How much of Fox does the Murdoch family own?
The Murdoch Family Trust is the majority shareholder of Fox Corp., which controls FOX News. According to SEC filings, it has a roughly 40% voting stake in Fox Corp. as well as a 44% voting stake in News Corp.
How much is the Murdoch family worth?
Forbes estimates Rupert Murdoch’s fortune to be around $17 billion. The 92-year-old patriarch made the Forbes 2023 list of the richest billionaires, coming in at #99.
The Murdoch family grew $8 billion richer from their deal with Disney in 2019, when Rupert Murdoch sold his 17% stake in 21st Century Fox to Disney for $72 billion. Included in the sale were Hulu, the FX and National Geographic cable TV channels, and 20th Century Fox film and TV studios. The Fox Corp. was also forged from the deal, with Lachlan Murdoch at its helm.
Who will inherit Rupert Murdoch’s fortune?
Headlines have surrounded the Murdoch family their entire life — their power struggles and rivalries are even said to have inspired the HBO series “Succession.”
As a teenager, eldest son Lachlan cleaned his father’s printing presses at the Daily Mirror in Sydney, Australia and worked as a reporter for the San Antonio Express-News. After his graduation from Princeton in 1994, he rose through the ranks at News Corp., and in 1999 was appointed deputy CEO. He abruptly resigned from his position in 2005, reportedly due to a disagreement with then Fox News president Roger Ailes.
James Murdoch, who dropped out of Harvard, was considered to be the rebel of the family. He was responsible for managing News Corp.’s internet operations in the 1990s, investing in a number of ventures — including this publication, TheStreet. Upon his brother Lachlan’s resignation, James took control of News Corp.’s key operations in the United Kingdom, Europe, and Asia in 2005.
In 2011, employees of News of the World, a publication of News Corp.’s News International subsidiary, were found guilty of hacking the phones of celebrities and the British Royal family. James and his father, Rupert, were summoned to provide evidence during the trial, where Rupert admitted that News International had attempted to cover up the offenses. James’s testimony was questioned by former News International executives; after 168 years in print, News of the World was shuttered, and James resigned as chairman of the division that November.
By 2014, Lachlan Murdoch had been persuaded by his father to return to News Corp. Unlike his brother James, Lachlan shared his father’s political views — and some even believe him to be more conservative.
Rupert stepped down from his role as CEO of 21st Century Fox in 2015, naming James its new leader but also establishing Lachlan Murdoch as co-chairman, alongside himself, causing additional family drama.
James resigned from his role at News Corp. in 2020 citing "disagreements over certain editorial content published by the Company’s news outlets and certain other strategic decisions.”
While Lachlan officially holds the reins over the family business, his siblings Prudence, Elizabeth, and James will all retain voting rights in the Murdoch Family Trust. Each currently holds one share while Rupert holds four. Upon Rupert’s death, the four siblings will inherit an additional share each. Grace and Chloe Murdoch — Rupert’s children with his fourth wife, Wendi Deng Murdoch — do not have voting rights, although they have non-voting shares which are held in a separate trust.
What is Lachlan Murdoch's net worth?
The exact amount of money the younger Murdoch makes each year is unknown – according to Fox Corporation’s public filings, his total earnings for 2022 came out to a whopping $21,748,681.
How much does Lachlan Murdoch make in a year?
In the fiscal year ending June 30, 2023, Lachlan Murdoch received $21.7 million in compensation from Fox Corp., as shared in a regulatory filing, which included a $5 million base salary, $7.6 million in stock options, and $4.4 million in incentives.
