Rupert Murdoch is one of the most powerful media moguls in the world and he just stepped down and handed over his empire to his son Lachlan.
Murdoch is the founder and executive chairman of News Corp, the parent company of Fox Corporation, The Wall Street Journal, The Times, The Sun, and many other media outlets.
Breaking news today revealed the Australian businessman is stepping down from his role as News Corp CEO.
A father of six children, four of whom are involved in his business – Rupert Murdoch is leaving his company in the hands of his son Lachlan.
So who is Lachlan Murdoch, the son of Rupert Murdoch and heir to his media empire? Who is Lachlan Murdoch, and what is his net worth?
In this article, we will explore the life and career of Lachlan Murdoch, the eldest son of Rupert Murdoch and his second wife, Anna.
Rupert Murdoch son wiki
Early Life and Education
Lachlan Murdoch was born on September 8, 1971, in London, England, the eldest son of Rupert Murdoch and his second wife, Anna, a Scottish journalist and author.
Rupert Murdoch son has two younger siblings, Elisabeth and James, and three half-siblings, Prudence, Grace, and Chloe, from his father’s other marriages.
Lachlan was raised in New York City, where his father owned the New York Post.
He attended the Aspen Country Day School in Colorado, the Trinity School in New York City, and the Phillips Academy in Andover, Massachusetts.
In 1994, Lachlan Murdoch graduated from Princeton University with a bachelor’s degree in philosophy.
Career in News Corp and Fox Corporation
Lachlan Murdoch started his career in the media industry at the age of 18, when his father brought him to Australia to train for three months at the Daily Mirror, a tabloid newspaper owned by News Corp.
He then became the general manager of Queensland Newspapers, the publisher of Brisbane’s Courier-Mail, and later the publisher of The Australian, the country’s first national paper.
In 1995, he was appointed the deputy CEO of News Limited, the Australian subsidiary of News Corp. In 1996, he became the executive director of News Corp, and in 2000, he was promoted to the deputy chief operating officer. He also served as the chairman of Star TV, an Asian satellite television network, and the chairman of Fox Television Stations, a group of US broadcast stations.
Lachlan was widely seen as the heir apparent of his father’s media empire, until he abruptly resigned from his positions in News Corp in 2005, citing disagreements with senior executives and a desire to pursue his own interests. He moved back to Australia and founded Illyria Pty, a private investment company.
However, he returned to News Corp in 2014, after his father invited him to become the non-executive co-chairman of News Corp and 21st Century Fox, the two companies that resulted from the split of News Corp in 2013. In 2015, he became the executive chairman of 21st Century Fox, overseeing the film, television, and entertainment businesses of the company.
In 2019, 21st Century Fox was acquired by Disney for $71 billion, and Lachlan became the chairman and CEO of Fox Corporation, the remaining company that consists of Fox News, Fox Sports, Fox Broadcasting, and other assets. He is also the co-chairman of News Corp, along with his father.
Private Investments and Other Ventures
Lachlan Murdoch has been involved in several private investments and other ventures, both through his company Illyria Pty and personally. Some of his notable investments and ventures include:
- One.Tel: A telecommunications startup that Lachlan and his friend James Packer, the son of Australian media tycoon Kerry Packer, invested in and championed in the late 1990s and early 2000s. The company collapsed in 2001, resulting in a loss of hundreds of millions of dollars for News Corp and Packer’s company. Lachlan and Packer later agreed to a $40 million settlement over the failure of One.Tel in 20141.
- REA Group: An online real estate advertising company that Lachlan led News Corp’s initial investment in and subsequently retained the investment over the objections of those who wished to sell it. The company became Australia’s market leader in online real estate advertising and is now valued at over $15 billion. Lachlan is still the chairman of REA Group.
- Nova Entertainment: A radio network that operates in Australia and New Zealand. Lachlan acquired the network through Illyria Pty in 2009 and 2010, and is now the executive chairman of the company. Nova Entertainment is one of the leading radio broadcasters in Australia, with popular stations such as Nova and Smooth FM.
- Ten Network: A free-to-air television network in Australia that Lachlan invested in and became the chairman of in 2010. The network struggled financially and went into administration in 2017. Lachlan and his partners tried to buy the network, but were blocked by the Australian government. The network was eventually sold to CBS, a rival of Fox Corporation.
- DMG Radio: A radio network that operates in the UK and Ireland. Lachlan acquired the network through Illyria Pty in 2012 and is now the chairman of the company. DMG Radio owns and operates stations such as Virgin Radio, Magic, and Absolute Radio.
- Vice Media: A global media company that produces and distributes digital and linear content across various platforms. Lachlan invested in the company in 2013 and joined its board of directors. He is still a board member and a shareholder of Vice Media, which is valued at over $4 billion.
Personal Life and Family
Lachlan Murdoch is married to Sarah O’Hare, a former Australian model and actress. They met in 1998 and got married in 1999.
They have three children: Kalan Alexander, born in 2004, Aidan Patrick, born in 2006, and Aerin Elisabeth, born in 2010.
They live in Los Angeles, California, where they bought a mansion for $150 million in 2019, making it the most expensive home ever sold in the US.
Lachlan Murdoch is very close to his father, Rupert Murdoch, and is considered to be his favorite son and chosen successor.
He is also close to his siblings, especially his younger brother, James, who was his rival for the leadership of News Corp and Fox Corporation until he resigned from his roles in 2020, citing disagreements with the editorial direction of the companies. Lachlan and James have different political views, with Lachlan being more conservative and supportive of Donald Trump, and James being more liberal and critical of Trump.
Lachlan Murdoch is also a philanthropist and supports various causes and organizations, such as the Global Citizen Festival, the Climate Leadership Council, the Museum of Contemporary Art Australia, and the G’Day USA Foundation.
He is also a patron of the Australian Wildlife Conservancy, a non-profit organization that protects endangered wildlife and habitats in Australia.
Lachlan Murdoch Net Worth
Rupert Murdoch son Lachlan Murdoch has a net worth of $2.7 billion, according to Celebrity Net Worth.
He became a billionaire when Disney acquired Fox from News Corp for $71 billion in 2019, and he received $2 billion in cash and stock from the deal.
He also owns a 17% stake in Fox Corporation, which is worth about $1.5 billion, and a 7% stake in News Corp, which is worth about $500 million.
He also has various other investments and assets, such as his private company Illyria Pty, his radio and television networks, his mansion in Los Angeles, and his shares in Vice Media
In 2023, Rupert Murdoch stepped down from his roles atop News Corp and Fox Corp and handed over to his son Lachlan.
“Our companies are in robust health, as am I,” Rupert Murdoch said in a note to employees.
“We have every reason to be optimistic about the coming years – I certainly am, and plan to be here to participate in them. But the battle for the freedom of speech and, ultimately, the freedom of thought, has never been more intense.”
Lachlan Murdoch, one of his sons, will become sole chairman of News Corp and will continue as Fox Corp.’s executive chair and CEO.
Lachlan Murdoch is one of the richest and most powerful media executives in the world, and is expected to inherit a large portion of his father’s wealth and influence.
Rupert Murdoch has a net worth of $7.93 billion, according to Forbes, and controls a media empire that spans across the US, the UK, Australia, and other countries.
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